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| Company: United Fidelity Insurance |
| Date of creation: 1976 | |
| Classes of business: Life and non life | |
| Geographical presence: 4 offices in UAE |
United Fidelity Insurance: contact
| Head office | The Opus Tower, Block B, Office B703, Business Bay Post Box, 1888, Dubai, U.A.E. |
| Phone | +971 4 250 25 01/ 800 842 |
| info@fidelityunited.ae / customercare@fidelityunited.ae | |
| Website | www.fidelityunited.ae |
United Fidelity Insurance: rating
| Agency | Rating | Outlook |
| Moodys | Baa3 | Stable |
United Fidelity Insurance: management
| Chairman of the board of directors | Nawwaf Ghobash Ahmed Ghobash Almarri |
| CEO | Bilal Adhami |
United Fidelity Insurance: share capital, shareholder’s equity and shareholding
Figures in USD| 2021 | 2020 | ▲ | |
| Share capital | 27 222 000 | 27 222 000 | - |
| Shareholder’s equity | 27 383 000 | 20 340 000 | 34.63% |
| Main shareholders | % | % | |
| Fidelity Assurance and Reinsurance | 40 | Nawwaf Ghobash Ahmed Saeed Ghobash Almarri | 9.38 |
| Ghobash Trading and Investment | 34.88 | Others | 0.74 |
| Rashid Hamid Ali Al Mazroui | 15 |
United Fidelity Insurance: turnover and result
Figures in USD
| 2021 | 2020 | ▲ | |
| Turnover | 104 473 000 | 96 017 000 | 8.81% |
| Net result | 2 188 000 | 986 000 | 121.91% |
United Fidelity Insurance: turnover breakdown per class of business
Figures in USD| 2021 | 2020 | ▲ | 2021% | |
| Non life | 58 084 000 | 58 223 000 | -0.24% | 55.6% |
| Life and health | 46 389 000 | 37 794 000 | 22.74% | 44.4% |
| Total | 104 473 000 | 96 017 000 | 8.81% | 100% |
United Fidelity Insurance: main indicators
Figures in %| 2021 | 2020 | ▲ | |
| Net loss ratio (1) | 56.01 | 52.37 | 6.95 |
| Management expenses ratio | 63.75 | 37.89 | 68.25 |
| Net combined ratio (1) | 119.76 | 90.26 | 32.68 |
| Shareholder's equity / Technical reserves | 21.49 | 17.07 | 25.89 |
| Shareholder's equity / Gross written premiums | 26.21 | 21.18 | 23.75 |
| Net result / Gross written premiums | 2.09 | 1.03 | 103.91 |
| Net result / Shareholder's equity (ROE) | 7.99 | 4.85 | 64.74 |
(1) Calculated only for the non life activity.
Notes:
- Net loss ratio = Net incurred losses (paid losses+outstanding losses ) / Net earned premiums
- Management expenses ratio = Overhead expenses and acquisition costs / Net written premiums
- Net combined ratio = Loss ratio + Management expenses ratio
Exchange rate as at 31/12/2020 : 1 AED = 0.27222 USD ; at 31/12/2021 : 1 AED = 0.27222 USD