Al Sagr National Insurance Company PJSC

Company and financial context

As of: 2026-06-30; report2026-08-14

Al Sagr National Insurance Company (PSC), traded on the DFM as ASNIC, is a UAE insurer incorporated on 25 December 1979. It writes general and life insurance through its Dubai head office and branches in Dubai, Sharjah, Abu Dhabi, Al Ain and Ras Al Khaimah. It is not the separately listed Saudi Al Sagr Cooperative Insurance Company.

The latest financial document used here covers the six months to 30 June 2026 and was authorised on 14 August. Its central qualification must accompany the figures: Crowe Mak issued a disclaimer of conclusion, citing going-concern uncertainty and a claims-classification issue. These are company-reported figures under that disclaimer, not cleanly assured results. The profile does not establish that the problems have subsequently been resolved.

What the insurer sells

As of: financials2026-06-30; website observed2026-08-30

The public catalogue covers individual medical, life, travel, motor, home and yacht insurance, and corporate medical, life, marine, property, engineering and liability cover. This is a product catalogue, not a profit breakdown. Financial note 29 groups the business into life and medical, general and motor, and investments.

An insurer receives premiums while assuming claims obligations; reinsurance changes the risk it retains, and investments provide a separate source of earnings. Insurance revenue is not identical to written premiums or cash receipts. ASNIC explicitly says its gross-written-premium disclosure follows regulatory requirements rather than IFRS 17 measurement, so those measures should not be substituted for one another.

Ownership: dated control, undated percentages

As of: parent2026-06-30; shareholder webpage undated, observed2026-08-30

The June financial statements identify Gulf General Investments Company as the parent. The issuer's undated shareholder webpage lists Gulf General Investment at 47.08%, Near East Investment Co LLC at 8.75%, Khaled Abdullah Omran Taryam at 5.01%, Amjad Mohamed Yusri Mahmoud Salman at 5.00%, and Ayman Mohamed Yosri Mahmoud Alduwaik at 5.00%. These are website observations on 30 August, not a certified register dated that day.

The parent relationship comes from the financial report; it is not inferred simply from a percentage below half the shares. The disclosed list is not a complete ownership register and does not establish free float. No new capital transaction or updated ownership percentage is assumed from the continuing capital deficit.

Associates are not the same issuer

As of: holdings reference2025-12-31; carrying amounts2026-06-30

Note 8 retains a 31 December 2025 ownership reference for the Saudi associate: a 26% legal holding includes 4.4% held for other beneficial owners; ASNIC accounts for 21.6% using the equity method. The investment's carrying amount at 30 June was AED 117,155,818. Saudi revenue or assets must not simply be added to ASNIC's reported totals.

The same note reports 50% interests in Sogour Al Khaleej General Trading LLC and Green Air Technology LLC, with both investments fully impaired. These remain investments disclosed as associates, not evidence of profitable operating subsidiaries. The profile uses the reporting perimeter of the named Company and its equity-accounted interests; it does not relabel the figures as the whole Gulf General Investments group.

H1 results: falling revenue, wider loss

As of: H1 2026 versus H1 2025

Insurance revenue for January–June 2026 was AED 210,561,441 versus AED 421,460,391 a year earlier. The loss after tax widened to AED 39,163,909 from AED 21,022,694. These comparisons use six-month flows on both sides; the adjacent second-quarter-only columns are not used as half-year numbers.

The insurance service result before reinsurance improved to AED 12,329,888 from a loss of AED 3,052,468. After reinsurance, however, the service loss was AED 30,120,764 versus AED 3,409,898. Editorial interpretation: improvement before risk transfer did not translate into a better retained insurance result. The report does not support attributing the revenue decline solely to customer departures, deliberate repricing or one catastrophe.

Reinsurance and segment performance

As of: 2026-06-30; H1flows

The net expense from reinsurance contracts held was AED 42,450,652 versus AED 357,430. This includes the allocation of premiums and recoverable claims; it is not simply cash paid to reinsurers. On the balance sheet, reinsurance assets were AED 108,339,401 and reinsurance liabilities AED 160,892,323. Neither asset recognition nor a recoverable claim establishes immediate cash availability.

Life and medical generated a positive service result of AED 6,665,132, while general and motor recorded a loss of AED 36,785,896. This separates the directions of operating performance without inventing a net profit for each product. Important questions are reserve adequacy, claims settlement and the timing and collectability of reinsurance recoveries. No current counterparty ranking or unsupported protection guarantee is inferred.

Investment earnings and liquidity

As of: 2026-06-30; H1investmentflows

Net investment income was AED 7,309,335 versus AED 7,155,424. It helped earnings but did not offset the insurance service loss and other costs. The total combines interest, rental income, dividends, associate results and fair-value effects; it should not be presented as wholly recurring cash income.

Cash and bank balances were AED 4,891,805, separate from fixed deposits of AED 243,859,977 and statutory deposits of AED 10,300,000. Statutory deposits require central-bank approval for withdrawal. Bank overdrafts of AED 240,762,099 were payable on demand. Deposits cannot simply be netted into a claim that all borrowings are covered by unrestricted cash; the investment property and associate holding are also not equivalent to immediately available liquidity.

Capital: share capital is not solvency

As of: 2026-06-30 versus2025-12-31

Assets of AED 715,463,904 were below liabilities of AED 840,779,961. Reported equity was therefore negative AED 125,316,057, versus negative AED 86,166,994 at year-end. Accumulated losses of AED 367,946,098 exceeded paid-up share capital of AED 230,000,000. The existence of issued capital does not remove the negative equity position.

Note 26 reports basic own funds of negative AED 321,146,535 and an SCR deficit of AED 436,435,854 at 30 June. These regulatory amounts are not interchangeable with accounting equity. The company acknowledges non-compliance with capital and solvency requirements. Management describes monitoring and measures intended to improve compliance, but this is not evidence of a completed recapitalisation or regulator-confirmed recovery.

What the reviewer could not conclude

As of: review report2026-08-14

Crowe Mak's review report identifies insufficient appropriate information to support going concern. It also reports AED 28,885,417 of insurance claims payable classified within other payables rather than insurance contract liabilities. Other payables were overstated and insurance liabilities understated by that amount, and the reviewer could not determine the effect on the solvency ratio.

The figures in this profile retain the issuer's presentation; we do not silently repair its accounts or calculate a corrected solvency ratio. A review is narrower than an audit, and a disclaimer is not the same as an ordinary unmodified review conclusion. Nor is the report a judicial finding of insolvency or proof that every claim will go unpaid. The specific uncertainty should be reported without either minimising or exaggerating it.

Governance and reporting history

As of: AGM2026-04-30; interimauthorisation2026-08-14

According to note 2, the 30 April 2026 general assembly did not approve the 2025 audited financial statements, the directors' report, directors' remuneration and discharge, or the governance and sustainability report. The same interim document states that the March 2026 quarterly information was not approved by the board. Publishing a PDF is not equivalent to obtaining those corporate approvals.

The June interim information was authorised by directors on 14 August and signed by chairman Jasim Hussain Ahmed Al Ali. That authorisation does not erase the review disclaimer or retrospectively approve the earlier documents. The useful next disclosures would address the outstanding approval matters, claims classification and the funding of a credible capital-repair plan.

How to read subsequent developments

As of: 2026-06-30 financialcutoff

A meaningful improvement would require more than a higher revenue headline: retained insurance performance, claim settlements, accessible liquidity, regulatory capital and the reporting issues need to be followed together. Bank ratios such as NIM, NPL and CET1 are not appropriate substitutes for insurance solvency analysis. No future dividend, share valuation or trading recommendation is provided.

The half-year result is not a forecast for the full year. The statements say management is implementing measures and monitoring compliance; they do not establish a completed funding transaction. A later signed report or corporate announcement could change this picture. Until then, the dated loss, capital deficit and disclaimer remain integral to an accurate description of the business.

Official contacts and source dates

As of: website2026-08-30; financials2026-06-30

The issuer website lists telephone +971 4 702 8500 and fax +971 4 396 8442. The financial statements give P.O. Box 14614, Dubai, UAE. The website's shareholder and financial-report sections are the public corporate information channels used here. No separately verified investor-relations email or named contact is supplied.

Website information was checked on 30 August 2026; the shareholder page has no stated effective date. Financial comparisons cover H1 2026/H1 2025 and balance sheets at June 2026/December 2025. The official DFM-hosted half-year PDF, including the review report, is the controlling financial source. Links provide access to originals; this is original editorial reporting, not republication of the PDF or an independent audit.

Sources

1. S1 · Al Sagr National Insurance Company: H1 2026 condensed interim financial information and Crowe review report · 2026-06-30; authorised2026-08-14
2. S2 · Issuer shareholder webpage and official product/contact navigation · undated page observed2026-08-30; not dated register
3. S3 · Issuer quarterly reports index · website observed2026-08-30; index not evidence of latest filed quarter