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Abridged Information
Yemen
General Insurance Co.
|
Establishment
Issued/paid share
capital
Chairman
General Manager
Joint
General Manager
Deputy General Manager
Number of Staff
Website
Email
Branches
|
February 15th, 1977
Yr. 500,000,000
Mr. Abdul Gabbar Thabet
Mr. Bakir Al-Munshi
Mr.
Kais Thabet
Mr. Saleh M. Bashanfer
54 personnel
WWW.YGINSURNCE.COM
YGI@YGINSURANCE.COM
Sana'a Head Office:
25 Algiers Street. P.O.
Box 2709
Hodeidah Branch:
Al-Mina Street. P.O Box
3952
Taiz
Branch:
Jamal Street. P.O Box
5844
|
Tel |
: 967-4-250637 and
250638 |
|
Fax |
: 967-4-250632 |
Aden
Branch:
Maala, Madram Street
Thabet Brothers Building
P.O Box 5189
|
Tel
|
: 967-2-246026 and
246029 |
|
Fax |
: 967-2-246028 |
Mukalla
Branch:
26th
Sept. Street - Bajaman area
|
Tel
|
: 967-5-317931 and 317932 |
|
Fax |
: 967-5-317933 |
|
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Company Auditors |
M/s. A. Raouf Al Ezzie
Correspondent to Talal Abu Ghazaleh
|
|
Company Bankers |
- Yemen Bank for
Reconstruction & Development
- Credit Agricole Indosuez
|
|
Activites |
Underwrite all classes
of insurance |
ISO 9001-2000 Yemen General Insurance
is an ISO Certified
Company By SGS, Certificate
No.EG05/00437 QA
Major Projects Insured in Yemen
Engineering
-
Al-Mokha power plant - Ansaldo Impianti
-
Telephone / television
transmission Systems - CIT Alcatel.
-
Hodeidah / Jizan Road - Samwhan Corpn.
-
Hodeidah Water and
Sewerage system - Samwhan Corpn.
-
Sana'a Water and
Sewerage system - Samwhan Corpn.
-
Hodeidah Airport
Buildings & Runways - Costain Int’l.
-
Taiz / Rahida Road -
Jean levelore
-
Yemen Kuwait Real Estate
- M.A.M. Alkhorafi
-
Faculty of medicine /
Sana’a University - M.A.M Alkhorafi
-
Hodeidah Thermal Power
Station - Ansaldo Impianti
-
Ship Unloader (Bulk) /
Saleef - BMH Marine AB.
-
Wadi Siham Diversion
Structure - Collavino
-
Wadi Mawr Diversion
Structure - Jung Woo
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Wadi Rimah Irrigation
Project - Khan Const.
-
Wadi Mawr Irrigation
Project - Khan Const.
Financial
Profile:
Yemen General Insurance Co.
Figs in Yr. ‘000
|
|
2007 |
2006 |
2005 |
|
Assets: |
|
|
|
|
Liquid & current
assets |
1,401,232 |
1,098,121 |
926,012 |
|
Net premium
receivables |
516,964 |
397,795 |
308,300 |
|
Long term non
liquid assets |
193,058 |
200,244 |
207,938 |
|
Total assets |
2,111,254 |
1,696,160 |
1,442,250 |
|
Liabilities: |
|
|
|
|
Technical
reserves: |
|
|
|
|
- Loss reserves |
359,382 |
327,129 |
274,320 |
|
- IBNR |
237,500 |
140,500 |
113,500 |
|
- Unearned
premium reserve |
246,368 |
178,760 |
148,672 |
|
Accounts payable |
154,013 |
124,857 |
159,474 |
|
Other short term
liabilities |
501,170 |
393,051 |
288,295 |
|
Total liabilities |
|
|
984,261 |
|
Shareholders equity: |
|
|
|
|
Capital |
500,000 |
500,000 |
400,000 |
|
Statutory reserve |
41,014 |
17,918 |
29,494 |
|
General reserve |
71,807 |
13,945 |
28,495 |
|
Total
Shareholders equity |
,821 |
531,863 |
457,989 |
|
Total liabilities
& Shareholders equity |
2,111,254 |
1,696,160 |
1,442,250 |
| #Authorized Paid up capital increased to
YR500,000,000 as at 10/04/2006 self financed
from internal resources. |
Other Key Figures:
|
|
2007 |
2006 |
2005 |
|
Written premiums |
1,379,553 |
970,005 |
750,735 |
|
Reinsurance
premiums |
782,817 |
537,176 |
387,997 |
|
Net earned
premiums |
529,128 |
402,740 |
356,055 |
|
Net incurred
claims |
350,765 |
213,825 |
170,796 |
|
Underwriting
profit |
219,155 |
174,521 |
159,794 |
|
Investment income |
161,367 |
127,460 |
101,205 |
|
Pre-tax profits |
325,590 |
248,593 |
208,757 |
|
Net profits |
230,958 |
179,182 |
154,504 |
|
Dividend/share |
300 |
300 |
300 |
|
Source :
Audited final accounts & related information |
|
Rating
: 2001 "BB-" , 2002 "BBB" (Muhanna & Co. Rating services, Beirut) |
|
Bankers:
CALYON Bank. |
|
Auditors: A.
Raouf Al Ezzie, Correspondents to Talal Abu Ghazaleh |
|
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