Home

|

Profile | Management | Departments | Shareholders | Services
ISO9001-2008|

Reinsures

|

Brokers

|

Branches

|

Abridged Information

|

Financial Profile

|

Contact us

 

 

       
  

 

 

 



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.  1 Billion.

Mr. Abdul Gabbar Thabet

Mr. Kais Thabet

Mr. Saleh M. Bashanfer

Mr. Jamal Hamid & Mr. Abdullah Al-Tamimi

70 personnel

WWW.YGINSURNCE.COM

YGI@YGINSURANCE.COM 

Click this link Branches

Company Auditors

M/s. A. Raouf Al Ezzie

Correspondent to Talal Abu Ghazaleh

Company Bankers

- Yemen Bank for Reconstruction & Development

- Arab Bank

- Shamil Bank of Yemen and Bahrain

 Activities

Underwrite all classes of insurance

                                    

 ISO 9001-2008            Yemen General Insurance  is an ISO Certified

                                            Company By SGS Co. we certified by ISO 9001-2000

                                   in 2005 and ISO 9001-2008 in 2010 to 2015.

                                         

 ISO 9001-2015          We are the first Company in Yemen that

                                 certified with new ISO 9001-2015 in Feb.2017

 Quality Policy: YGI Top management and all staff have commitment to

                            apply all insurances services in  conventional and Islamic

                            Takaful Insurance in Marine, Non Marine, Health and Motor

                            insurance comply with technical insurance international

                            standard for conventional insurance and with Islamic

                            Shariaa for Takaful insurance and with ISO 9001-2015 

                            international standard requirements to exceed customer

                            satisfaction by availability of qualified persons in

                            conventional and Islamic Takaful Insurances and by

                            developing their skills to achieve and develop YGI

                            Company policy and objectives to provide insurance

                            services in best and fast way and extent, improve

                            insurances coverages with the reinsures and by adding

                            new coverages and continually improvement Yemen

                            General Insurance Quality management system.


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

  • Wadi Rimah Irrigation Project - Khan Const.

  • Wadi Mawr Irrigation Project  - Khan Const.

  • Red Sea Contracting and Construction

  • Mareb Gas Turbine Power Station.

Our Major Clients

  • Thabet Brothers Group Of Companies.

  • Baharat Heavy Electrical LTD.

  • Al-Kardos Trading Group.

  • Halliburton Co.

  • Transoceanic Projects and Development LTD.

  • Aden Refinery Co.

  • Yemen Gas Co. (YLNG).

  • YEDCO Co. (Drug Co.).

  • SHEFACO.  (Drug Co.).

  • Sana'a and Aden Beverage Co.

  • Yemen Parliament.

  • Al-Ahwal General Trading Group.

  • Yemen Steel For Industry and Trading.

  • Al-Alimi Hodeidah Cold Store Co.

  • Sayed Ali A.Rahim And Ali A.Samad Co. LTD.

  • Save The Children Org.


Financial Profile:                                                                                              

Yemen General  Insurance Co.

Figs in Yr. ‘000
 

 

2016

2015

2014

Assets:

 

 

 

Liquid & current assets

3,397,966

2,927,057

2,978,832

Net premium receivables

443,433

580,412

492,874

Long term non liquid assets

136,124

145,944

155,000

Total assets

3,977,523

3,653,413

3,626,706

Liabilities:

 

 

Technical reserves:

 

 

 

- Loss reserves

164,933

182,940

166,310

- IBNR

427,500

427,500

427,500

- Unearned premium reserve

241,813

243,682

271,660

Accounts payable

302,549

259,414

337,492

Other short term liabilities

1,001,079

902,642

934,480

Total liabilities

2,137,874

2,016,178

2,137,442

Shareholders equity:

 

 

 

Capital

1,000,000

1,000,000

1,000,000

Statutory reserve

283,869

238,627

198,830

General reserve

555,780

398,608

290,434

Total Shareholders equity

1,839,649

1,637,235

1,489,264

Total liabilities & Shareholders equity

3,977,523

3,653,413

3,626,706

#Authorized Paid up capital increased to YR 1 Billion as at 6/04/2010            self financed from internal resources.

Other Key Figures:

2016

2015

2014

Written premiums

1,367,782

1,297,219

1,516,392

Reinsurance premiums

702,258

701,591

829,905

Net earned premiums

644,014

623,609

1,502,326

Net incurred claims

232,046

211,373

256,441

Underwriting profit

243,085

283,956

300,964

Investment income

392,641

366,943

382,535

Pre-tax profits

565,517

497,465

505,964

Net profits

452,413

397,972

404,771

Dividend/share

250

250

300

Source  : Audited final accounts & related information

Rating   : 2001 "BB-" , 2002 "BBB" (Muhanna & Co. Rating services, Beirut)

Bankers: Arab Bank.

Auditors: A. Raouf Al Ezzie, Correspondents to Talal Abu Ghazaleh

Profile | Management | Departments | Shareholders | Services | Reinsures | Brokers |

Branches | Abridged Information | Financial Profile | ISO9001-2008| Contact us