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ASNIC produced overall earnings in 2016 of AED 20.7 million (USD 5.6 million) mainly due to profitable investment performance on its Saudi associate holding (Al Sagr Co-operative Insurance Co.).
In addition, ASNIC faces pressure in executing its business plans and generating profitable technical performance in the near term, challenges compounded by the lack of an adequate enterprise risk management framework.
Despite the above factors, ASNIC's risk-adjusted capitalisation remains strong, due to its low level of insurance leverage.
ASNIC has demonstrated weaknesses in its risk management during 2015.
The level of reserve deficiency reported by ASNIC generates further concern regarding management's understanding and estimation of its liabilities.
ASNIC's non-life technical performance remains marginal, with the company reporting a technical profit of AED 2.4 million in 2015 compared with a prior-year loss of AED 3.8 million.
ASNIC produced overall earnings in 2012 of AED 29 million ($7.9 million) mainly as a result of improving underwriting performance.
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