Al Sagr National Insurance Company (ASNIC)

AL SAGR NATIONAL INSURANCE COMPANY

Al Sagr National Insurance Company (ASNIC), Dubai, was incorporated on 25thDecember 1979 as a public shareholding company through an Emiri Decree by His Highness, the late Ruler of Dubai, and Vice President of the UAE, H.H Sheikh Rashid Bin Said Al Maktoum, and is registered with the Ministry of Economy & Commerce of the United Arab Emirates (UAE) under Reg. No. 202191.  The Company is licensed under License No. 16 in accordance with the Federal Insurance Law No. (9) of 1984 to transact all types of insurance business.

The shareholders of the Company are all UAE nationals who are very prominent in the business world for their varied interest. Their sheer sense of realism and pragmatic approach has greatly contributed to the Company's stride towards progress over a span of more than three decades. Today, ASNIC is, undoubtedly, one of the seven leading insurance companies in the UAE in terms of premium income.

Apart from having reinsurance support from the world's leading reinsurers, the Company has its own Branches all over the UAE, and has a large scale insurance interest in the Kingdom of Saudi Arabia and Jordan.  It has a long line of dedicated and diligent staff members, who are handpicked for their true professionalism and expertise. With their 'near perfect' handling of the affairs under the efficient leadership of the Management, the Company is confident of conquering new heights in its quest for progress and excellence.

ASNIC has never been a lone and solitary marcher in the wilderness. The Company's developmental stride was a harmonious process along with the development of the region, and in accordance with the requirement of its reputed clients. The Company was always quick to respond to the new emerging requirements and situations, which reflected the progress and transformation of the region. The resultant outcome of this hand-in-hand process of development has been remarkably manifold:

• The Company continues its pursuit of excellence in the sphere of service to its valued customers, always cater to their interest and offer several new insurance products with multiple benefits every year.
• The financial position of the Company is strengthened from its original capital investment of AED10 million to its present AED230 million paid-up capital, with steady growth of assets every year which has reached AED1.26 billion by the year ended 31 December 2013.
• Our sister concern, Al Sagr Cooperative Insurance Company, presently operates from its Head Office in Dammam, Kingdom of Saudi Arabia with 2 main branches in Riyadh, Jeddah and 18 Sales Outlets spread across the region. Its paid-up capital is SAR250 million where ASNIC holds a 26% share of the capital.
• ASNIC also operates in the Hashemite Kingdom of Jordan through its subsidiary, Jordan Emirates Insurance Company, where ASNIC holds an 88.9% stake which certainly renders a tremendous impact on the Company’s operations across the region.
• The Company entered a very significant stage in its developmental stride, when it was listed in the year 2005, with the Dubai Financial Market, opening up new vistas of opportunities for the company and its shareholders.

ASNIC has been assigned a Financial Strength Rating of B++ (Good) by A.M. Best Europe – Rating Services Limited.

Gulf General Investment Company – GGICO’s insurance business is conducted by ASNIC.  It is the parent company of ASNIC in which it has a 53% shareholding.

Today, due to the above factors and through the dedicated services the Company has been providing its valued customers, the Company has established a niche in the minds of its customers who range from multi-nationals to locals of the region it serves.