Al Sagr National Insurance Company Profile
Al Sagr National Insurance Company (ASNIC), Dubai, was incorporated on 25th December 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 Companys 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 worlds 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.
ASNIC has never been a lone and solitary marcher in the wilderness. 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. ASNICs clients include government ministries, public service providers, municipalities, property developers, banks and construction companies.
The financial position of the Company is strengthened from its original capital investment of AED10 million to its present AED230 million in paid-up capital with steady growth of assets every year which has reached AED1.2 billion by the year ended 31 December 2012.
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 region. Its paid-up capital is SAR250 million where ASNIC holds a 26% share of the capital.