Value Added Tax

Our VAT registration number is 100036483400003, to Download the VAT registration certificate, Click here

Annual Reports

Financial Statements for the Second Quarter, 2020

Financial Statements for the First Quarter, 2020

Corporate Governance Report – 2019

ABNIC Year End Results 2019

Corporate Governance Report – 2018

ABNIC Year End Results 2018

Second Quarter Financials-2018

First Quarter Financials-2018

2017 Annual Report

2016 Annual Report

2015 Annual Report

Consolidated Statement of financial position

For the Year Ended 31st December 2015

Assets 2015
AED 		2014
AED
Cash and Bank Balance 173,033,899 165,154,749
Insurance and other receiveables 368,031,104 376,054,137
Reinsurance Contract Assets 216,007,849 238,628,865
Available for sale Financial Assets 56,146,140 57,129,716
Statutory Deposits 6,000,000 6,000,000
Investment Properties 924,540,601 948,940,601
Property and Equipment 5,010,458 6,199,362
Total Assets 1,748,770,051 1,799,107,430
Liabilities and Shareholders Equity Liabilities
Insurance and other Payables 190,284,368 221,782,314
Insurance Contract Liabilities 472,777,068 460,627,071
Bank Borrowings 440,350,671 505,180,696
Provisions for Employees End of Service Indemnity 30,587,498 29,283,464
Total Liabilities 1,133,999,605 1,216,963,545
Shareholders Equity
Share Capital 250,000,000 250,000,000
Statutory Reserve 101,971,785 298,557,807
General Reserve 200,000,000 200,000,000
Cumulative Changes in Fair Value of Available for Sale Financial Assets (12,525,275) (11,012,049)
Retained Earnings 705,323,936 44,598,127
Total Shareholder’s Equity 5,010,458 6,199,362
Total Liabilities and Shareholders Equity 1,748,770,051 1,799,107,430
Consolidated Income Statement
Earned Premiums 618,399,405 548,422,667
Reinsurance premiums ceded (331,830,351) (322,432,952)
Net earned premiums 286,569,054 225,989,715
Gross claims incurred (467,944,028) (441,674,223)
Insurance claims recovered from reinsurers 152,784,035 186,563,607
Net claims incurred (315,159,993) (255,110,616)
Gross commission earned 110,256,642 102,488,478
Less: commission incurred (19,533,037) (17,619,831)
Net commission earned 90,723,605 84,868,647
Underwriting profit 62,132,666 55,747,746
General and administrative expenses and provision for doubtful debts relating to underwriting activities (46,774,809) (37,528,984)
Net underwriting profit 15,357,857 18,218,762
Net investment income 42,985,694 37,177,099
Finance costs (17,787,889) (22,690,916)
Non-operating general and administrative expenses (6,415,875) (6,389,356)
Profit for the year 34,139,787 26,315,589
Basic and diluted earnings per share 0.14 0.11
Consolidated statement of comprehensive income
Profit for the year 34,139,787 26,315,589
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Unrealised loss on revaluation of available-for-sale financial assets recognised directly in equity (5,513,226) (146,062)
Transfer to consolidated income statement
Reclassification adjustment relating to available-for sale investment impaired during the year 4,000,000 5,000,000
Other comprehensive (loss) / income for the year 1,513,226 4,853,938
Total comprehensive income for the year 32,626,561 31,169,527

2014 Annual Report

Consolidated Profit and Loss Account

For the Year Ended 31st December 2014

Departmental Profits 2014
DH ‘ 000 		2013
DH ‘ 000
Accident & Liability 15,473 6,218
Fire & General 2,373 759
Marine & Aviation 7,711 6,323
Other Kind of Insurance 9,556
35,113 		8,575
21,875
Other Income 47,178 30,908
Other Expenses (29,080) (42,411)
Net Profit for the Period 53,211 10,372
Basic Earnings Per Share 0.21 0.04
US $ 1.00 = DH. 3.675
Consolidated Balance Sheet
Current Assets 31st Dec. 2014
DH ‘ 000 		31st Dec. 2013
DH ‘ 000
Cash and Bank Deposits 164,757 143,733
Insurance and other receivables 402,380 540,261
Reinsurance Contract Assets 209,306 256,366
Total Current Assets 776,443 940,360
Non – Current Assets
Investment Property 953,941 946,765
Tangible Assets 6,199 6,445
Investment in Securities 57,130 53,342
Investment in Associate – –
Statutory Deposit 6,000 6,000
Total Non – Current Assets 1,023,270 1,012,552
Total Assets 1,799,713 1,952,912
Current Liabilities
Total Creditors 382,659 595,845
Insurance Contract Liabilities 361,028 406,064
Total Current Liabilities 743,687 1,001,909
Non-Current Liabilities
Long Term Loan 359,926 302,090
Provision Employee’s EOS indemnity & provident fund 29,284 32,373
Retention Payable 5,396 8,184
Total Non-Current Liabilities 394,606 342,647
Total Liabilities 1,138,293 1,344,556
Shareholders’ Equity
Share Capital 250,000 250,000
Statutory Reserve 100,058 94,737
General Reserve 200,000 200,000
Change in Fair Value of Securities (16,012) (15,866)
Retained Earnings 127,374 79,485
Shareholders’ Fund 661,420 608,356
Total Liabilities and Shareholders’ Equity 1,799,713 1,952,912

2013 Annual Report

Consolidated Profit and Loss Account

For the Year Ended 31st December 2013

Departmental Profits 2013
DH ‘ 000 		2012
DH ‘ 000
Accident & Liability 6,218 31,598
Fire & General 759 1,168
Marine & Aviation 6,323 13,903
Other Kind of Insurance 8,575
21,875 		2,356
49,025
Other Income 30,908 4,121
Other Expenses (42,411) (36,033)
Net Profit for the Period 10,372 17,113
Basic Earnings Per Share 0.04 0.07
US $ 1.00 = DH. 3.675
Consolidated Balance Sheet
Current Assets 31st Dec. 2013
DH ‘ 000 		31st Dec. 2012
DH ‘ 000
Cash and Bank Deposits 143,732 138,809
Insurance and other receivables 540,261 440,802
Reinsurance Contract Assets 256,366 192,245
Total Current Assets 940,359 771,856
Non – Current Assets
Investment Property 946,765 957,662
Tangible Assets 6,445 8,379
Investment in Securities 53,343 73,262
Investment in Associate – 17,624
Statutory Deposit 6,000 6,000
Total Non – Current Assets 1,012,553 1,062,927
Total Assets 1,952,912 1,834,783
Current Liabilities
Total Creditors 595,845 554,200
Insurance Contract Liabilities 406,064 336,334
Total Current Liabilities 1,001,909 890,534
Non-Current Liabilities
Long Term Loan 302,090 292,990
Provision Employee’s EOS indemnity & provident fund 32,373 31,210
Retention Payable 8,184 11,184
Total Non-Current Liabilities 342,647 335,384
Total Liabilities 1,344,556 1,225,918
Shareholders’ Equity
Share Capital 250,000 250,000
Statutory Reserve 94,737 93,700
General Reserve 200,000 200,000
Change in Fair Value of Securities (15,866) (17,775)
Retained Earnings 79,485 82,940
Shareholders’ Fund 608,356 608,865
Total Liabilities and Shareholders’ Equity 1,952,912 1,834,783

2010 Annual Report

Consolidated Profit and Loss Account

For the Year Ended 31st December 2010

Departmental Profits 2010
DH ‘ 000 		2009
DH ‘ 000
Accident & Liability 43,576 55,083
Fire & General 4,442 6,127
Marine & Aviation 13,724 17,047
Other Kind of Insurance 16,369
78,111		 19,822
98,079
Other Income/(Loss) (9,828) 23,171
Other Expenses (24,703) (20,525)
Net Profit for the Period 43,580 100,725
Basic Earnings Per Share 0.17 0.40
US $ 1.00 = DH. 3.675
Consolidated Balance Sheet
Current Assets 31st Dec. 2010
DH ‘ 000 		31st Dec. 2009
DH ‘ 000
Cash and Bank Deposits 196,929 194,007
Insurance and other receivables 499,861 464,573
Reinsurance Contract Assets 285,350 413,110
Total Current Assets 982,140 1,071,690
Non – Current Assets
Investment Property 438,943 458,943
Properties under construction 458,878 285,212
Tangible Assets 9,017 9,017
Investment in Securities 90,534 110,655
Investment in Associate 27,122 31,110
Total Non – Current Assets 1,024,494 894,937
Total Assets 2,006,634 1,966,627
Current Liabilities
Total Creditors 601,945 459,366
Insurance Contract Liabilities 451,547 598,533
Total Current Liabilities 1,053,492 1,057,899
Non-Current Liabilities
Long Term Loan 260,906 192,267
Provision Employee’s EOS indemnity & provident fund 30,146 27,668
Retention Payable 33,065 21,122
Total Non-Current Liabilities 324,117 241,057
Total Liabilities 1,377,609 1,298,956
Shareholders’ Equity
Share Capital 250,000 250,000
Statutory Reserve 89,452 85,094
General Reserve 235,000 235,000
Change in Fair Value of Securities (11,537) (6,461)
Proposed Dividend – –
Retained Earnings 66,110 104,038
Shareholders’ Fund 629,025 667,671
Total Liabilities and Shareholders’ Equity 2,006,634 1,966,627

2009 Annual Report

Consolidated Profit and Loss Account

For the Year Ended 31st December 2009

Departmental Profits 2009
DH ‘ 000 		2008
DH ‘ 000
Accident & Liability 55,083 71,334
Fire & General 6,127 (12,568)
Marine & Aviation 17,047 17,494
Other Kind of Insurance 19,822
98,079 		24,926
101,186
Other Income/(Loss) 23,171 (23,166)
Other Expenses (20,525) (27,807)
Net Profit for the Period 100,725 50,213
Basic Earnings Per Share 0.40 0.20
US $ 1.00 = DH. 3.675
Consolidated Balance Sheet as of
Current Assets 31st Dec. 2009
DH ‘ 000 		31st Dec. 2008
DH ‘ 000
Cash and Bank Deposits 194,007 294,232
Insurance and other receivables 464,573 444,391
Reinsurance Contract Assets 413,110 563,823
Total Current Assets 1,071,690 1,302,446
Non – Current Assets
Investment Property 744,155 354,888
Properties under construction – 256,490
Tangible Assets 9,017 8,052
Investment in Securities 110,655 116,132
Investment in Associate 31,110 32,155
Total Non – Current Assets 894,937 767,717
Total Assets 1,966,627 2,070,163
Current Liabilities
Total Creditors 459,366 526,669
Insurance Contract Liabilities 598,533 737,972
Total Current Liabilities 1,057,899 1,264,641
Non-Current Liabilities
Long Term Loan 192,267 144,971
Provision Employee’s EOS indemnity & provident fund 27,668 22,020
Retention Payable 21,122 –
Total Non-Current Liabilities 241,057 166,991
Total Liabilities 1,298,956 1,431,632
Shareholders’ Equity
Share Capital 250,000 250,000
Statutory Reserve 85,094 75,021
General Reserve 235,000 235,000
Change in Fair Value of Securities (6,461) (11,676)
Proposed Dividend – –
Retained Earnings 104,038 90,186
Shareholders’ Fund 667,671 638,531
Total Liabilities and Shareholders’ Equity 1,966,627 2,070,163

2008 Annual Report

Consolidated Profit and Loss Account

For the Year Ended 31st December 2008

Departmental Profits 2008
DH ‘ 000		 2007
DH ‘ 000
Accident & Liability 71,334 44,222
Fire & General (12,568) 611
Marine & Aviation 17,494 14,826
Other Kind of Insurance 24,926
101,186		 17,237
76,896
Other Income (23,166) 95,827
Other Expenses (27,807) (11,998)
Net Profit for the Period 50,213 160,725
Earnings Per Share 0.20 0.64
US $ 1.00 = DH. 3.675
Consolidated Balance Sheet
Current Assets 31st December. 2008
DH ‘ 000 		31st Dec 2007
DH ‘ 000
Cash and Bank Deposits 294,232 256,623
Insurance and other receivables 444,391 307,378
Reinsurance Contract Assets 563,823 265,263
Total Current Assets 1,302,446 829,264
Non – Current Assets
Investment Property 354,888 354,888
Properties under construction 256,490 145,686
Tangible Assets 8,052 4,962
Investment in Securities 116,132 193,212
Investment in Associate 32,155 –
Total Non – Current Assets 767,717 698,748
Total Assets 2,070,163 1,528,012
Current Liabilities
Total Creditors 526,669 272,234
Insurance Contract Liabilities 737,972 405,762
Total Current Liabilities 1,264,641 677,996
Non-Current Liabilities
Long Term Loan 144,971 93,849
Provision Employee’s EOS indemnity & provident fund 22,020 19,258
Total Non-Current Liabilities 166,991 113,107
Total Liabilities 1,431,632 791,103
Shareholders’ Equity
Share Capital 250,000 250,000
Statutory Reserve 75,021 65,574
General Reserve 235,000 200,000
Change in Fair Value of Securities (11,676) 35,116
Proposed Dividend – –
Retained Earnings 90,186 186,219
Shareholders’ Fund 638,531 736,909
Total Liabilities and Shareholders’ Equity 2,070,163 1,528,012

2007 Annual Report

Consolidated Profit and Loss Account

For the Year Ended 31st December 2007

Departmental Profits 2007
DH ‘ 000		 2006
DH ‘ 000
Accident & Liability 44,231 35,951
Fire & General 614 2,671
Marine & Aviation 14,837 12,303
Other Kind of Insurance 17,214
76,896 		13,604
64,529
Other Income 95,729 70,181
Other Expenses (11,900) (14,692)
Net Profit for the Period 160,725 120,018
Retained Profit Brought Forward 41,567 46,600
Total Profit Available For Distribution 202,292 166,618
Basic Earning Per Share 0.64 0.48
US $ 1.00 = DH. 3.675
Consolidated Balance Sheet
Non – Current Assets 31st December. 2007
DH ‘ 000		 31st December 2006
DH ‘ 000
Property and Equipment 4,962 5,180
Properties under Construction 145,686 90,550
Investment Property 354,888 318,186
Available-for-Sale Investment 193,212 215,782
Total Non- Current Assets 698,748 629,698
Current Assets
Resinsurance Contract Assets 265,263 226,850
Insurance and Other Receivables 307,378 234,819
Bank balances and Cash 256,623 160,796
Total Current Assets 829,264 622,465
Total Assets 1,528,012 1,252,163
Current Liabilities
Insurance Contract Liabilities 405,762 320,816
Insurance and Other Payables 167,995 144,550
Bank Borrowings 104,239 92,749
Total Current Liabilities 677,996 558,115
Non-Current Liabilities
Provision for Employee’s End of Service Indemnity and Provident Fund 19,258 16,254
Long Term Loan 93,849 68,115
Total Non-Current Liabilities 113,107 84,369
Total Liabilities 791,103 642,484
Shareholders’ Equity
Share Capital 250,000 225,000
Statutory Reserve 70,000 49,502
General Reserve 235,000 200,000
Proposed Dividend 100,000 56,250
Proposed Bonus Shares – 25,000
Board of Director’s Remuneration 1,800 1,800
Change in Fair Value of Securities 35,115 10,560
Retained Earnings 44,994 41,567
Shareholders’ Fund 736,909 609,679
Total Liabilities and Shareholders’ Equity 1,528,012 1,252,163

2006 Annual Report

Consolidated Profit and Loss Account

For the Year Ended 31st December 2006

Departmental Profits 2006
DH ‘ 000		 2005
DH ‘ 000
Accident & Liability 35,951 32,387
Fire & General 2,671 380
Marine & Aviation 12,303 10,778
Other Kind of Insurance 13,604
64,529		 10,962
54,507
Other Income 70,335 191,109
Other Expenses (14,846) (9,441)
Net Profit for the period 120,018 236,175
Retained Profit Brought Forward 46,600 42,225
Total profile Available for Distribution 166,618 278,400
US $ 1.00 = DH. 3.675
Consolidated Balance Sheet

As on 31st December 2006

Current Assets 2006
DH ‘ 000		 2005
DH ‘ 000
Resinsurance Contract Assets 226,850 230,084
Insurance and Other Receivables 234,819 208,148
Bank balances and Cash 160,796 159,950
Total Current Assets 622,465 598,182
Non-Current Assets
Property and Equipment 5,180 3,832
Properties under Construction 90,550 –
Investment Property 318,186 332,354
Available-for-Sale Investment 215,782 269,465
Total Non-Current Assets 629,698 605,651
Total Assets 1,252,163 1,203,833
Equity and Liabilities
Current Liabilities
Insurance Contract Liabilities 320,816 315,101
Insurance and Other Payables 144,550 139,024
Bank Borrowings 92,749 11,166
Total Current Liabilities 558,115 465,291
Non-Current Liabilities
Provision for Employees’ End of
Service Indemnity and Provident Fund		 16,254 14,217
Long Term Loan 68,115 42,424
Total Non-Current Liabilities 84,369 56,641
Total Liabilities 642,484 521,932
Shareholders’ Equity
Share Capital 225,000 75,000
Statutory Reserve 49,502 37,500
General Reserve 200,000 170,000
Proposed Dividend 56,250 37,500
Proposed Bonus Shares 25,000 3150,000
Change in Fair Value of Securities 10,560 163,501
Retained Earnings 43,367 48,400
Shareholders’ Fund 609,679 681,901
Total Liabilities and Shareholders’ Equity 1,252,163 1,203,833

Get in Touch with Us

Call : +971 6 517 4444 Email : abnicho@albuhaira.com

Dedicated help- line numbers

Motor Insurance : 600 535357 Motor Claims : 600 545457 Life & Medical Insurance : 600 532229 Life & Medical Claims : 600 545459 Home & Travel Insurance : 600 548283 Marine Insurance : +971 6 517 4487 Marine Claims : +971 6 517 4486

Office Timings 8:00am to 1:30pm, 2:30 to 5:00pm
(Sunday to Thursday)

Online Services