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Arab Union Reinsurance Co. is an Union Company established in the year of 1974 by virtue of the Board of Presidency's resolution of the Arab Union Republics No. 2/ 1974.

·        The company has Syrian nationality, its headquarter is located in Damascus and it has one branch in Tripoli , Libya.

·        The main purpose of establishing the company is to  guide , regulate , carry out the operations of reinsurance  in the Syrian market and all activities related to this industry.

·        Arab Union Reinsurance Co., has been entrusted to carry out local cessions from the Syrian market and to effect inward and outward reinsurance business in the international markets .

·        Arab Union reinsurance company is to rectify the following duties and responsibilities :

- Accept Compulsory cession in all insurance branches from the governmental company-Syrian insurance organization.

- Accept treaty and facultative business from all general and private insurance companies in the Syrian Market. Guiding and supervising the insurance contracts and affording protection to such companies with a view to ensuring a sound insurance Market.

-  Regulating training courses for the junior employees in the insurance Market aiming at developing their knowledge and experience .

-         According to the Reinsurance regulation, all insurance companies operating in Syria are obliged to cede to Arab Union Re. at least 10% of their treaties in all branches.

-         All over the years from inception Arab Union Re. succeeded in issuing profitable balances, Although the premium grow-up was somehow slow, but we are very keen to maintain positive results for reinsurers .

-         The growth rate of the premium volume had been around 15% over the previous years before the current crisis prevailing in the country . For the year in review there is in fact a  slight increase in the volume of premium in comparison with the year 2014 which is less than our targeted plan but in the light of the current situation in the country and the sanctions imposed on Syria by United States of America and European Union, we consider this increase as a positive step forward.

-         On the investment portfolio level we can clarify the following points :

-         Real-estate investment, rent out the company's properties. Maintain the investment revenue of the company deposits at a range of 5- 6 % .

Before the crisis in Syria the company had been rated BB+  by A.M.BEST and  BB by Standard &poor's. But due to sanctions both agencies decided to withdraw from the market  in compliance to the boycott resolutions which were taken by U.S. of America and European Union  .

·        The announced capital is 50 Fifty million U. S. Dollars.

·        The board of directors is composed of 8 members and membership is limited for 4 years, renewal is accessible.



Names of the Board of Directors Members:


1.     Mr. Dr. Aziz Saker                                                 (Chairman)

2.     Mr. Ibrahim Ambia Abdul Samad        (Member)

3.     Mr. Dr. Mustafa Amer Soula                 (Member)

4.     Mr. Issa Albarouni Aldaiki                     (Member)

5.     Mr. Hasan Abdullah Beit Almal            (Member)

6.     Mr. Eng. Iyad Zahraa                              (Member)



Accounts Auditors:

·        Mr. Abdullah Maksour

·        Mr. Mohammed Ali Jawad


The Technical Operations


1.     Inward Premiums:


The total of the inward premiums in the year 2015 amounted to 730,085,704 (seven thirty million eighty five thousand and seven hundred and four Syrian Pounds).

We state  here below the distribution of premiums according to  the nature of cession :


The distribution of Premiums according to the Nature of cession:


The total of inward premiums from             

The  treaty business amounted to

S.P 547,601,541  which constituted

the major percentage of the total

inward premiums  and equals 75 % , while the facultative business amounted to S.P 168,478,668 with a percentage of 23% of the total inward premiums, and the inward premiums received from the obligatory reinsurance activities constituted a percentage of 2% of the total premiums amounted to  S.P 13,996,495.


The distribution of inward premiums per branch


Currency: Syrian Pound:

·        The premiums received during the last five years:


   Currency: Syrian Pound:




   Currency: Syrian Pound:



The percentage of the premiums increase is 1.5 %  in comparison with the year 2014.

·        We enlist here below a table of the inward premiums retained:


The below diagram shows the outward premiums and the retained premiums :

It is clearly  noted from the diagram that there is a variation of  retention levels according to the insurance branch,  as the company retentions in Aviation ,Health, life, and hull branches equal to 100% of the total inward premiums,  in Motor 97 %  in Cargo 96 %,   in Accident 92%  , Engineering 85 %  , Fire 80 %, , and energy 51% of the total inward premiums.

   Currency: Syrian Pound:

  The above table shows the total of the retained premiums amounted to                S.P 639,793,791  with a percentage of 88 % of the inward premiums. Also, the outward premiums were amounted to S.P 90,291,913 with a percentage of 12 % of the total inward premiums .

·         The Distribution of the inward Premiums

            according to the Insurance Market:


The premiums received from the insurance markets in the Arab world constituted a percentage of 41% of the total inward  premiums which forms the higher percentage,  and from the world – wide amounted to  30 % of the total inward premiums,  While the percentage of the premiums received from Syrian market amounted to 24 % and finally from Libyan market 5 % only



Distribution of inward premiums per market  


















Currency: Syrian Pound:


2.     Claims:


The total of claims in the year 2015 amounted to S.P  961,706,141 , the company share of the claims equals to Sp. 606,491,152, a  percentage of which is 63%while The share of the reinsurers  equals to sp 355,214,989, with a percentage of 37%, in fact, most of the claims are related to past underwriting years which adjusted, Approved, and settled in the financial year of 2015.

However , we would clarify that the company top management formed a technical committee in year 2015 to study the portfolios of all branches to define the reasons of the losses , the committee finalized its business in the same year and raised a report of search to the top management .

After reviewing the conclusions , the top management instructed the underwriters to be very selective and strict in writing the business and to avoid the bad risks , especially in fire department.

Therefore , we believe that the results will be improved substantially in the forthcoming balance sheets .

We enlist here below the distribution of claims in the insurance branches:



















Currency: Syrian Pound



Income List of the Fiscal Year:


·        Revenues:

The company achieved in the year 2015 total revenues amounted to
S.P 5,921,077,413  .


-         Investment Revenues  S.P  / 392,337,128/.

-         Evaluation of foreign exchange differences  S.P  /5,533,376,570/.



·        Expenditures:

The total expenditures of the company for the year 2015 amounted to                     S.P 126,207,538 with a decrease percentage of 20% in comparison with the expenditures of the year 2014.


The distribution of the expenditures :


1. The General & Administrative  Expenses:

The total General & Administrative Expenses of 2015 amounted
S.P 86,036,943   with a decrease  OF 22% in comparison with year 2014.

2. The depreciation  of the Fixed Assets:

The total depreciation of the Fixed Assets amounted to SP 3,508,824.


3. Provision of End Service Compensation:

The total Provision assigned for the end service compensation amounted to            S.P  9,286,095.

4. The net expenditures and revenues of the company branch in Tripoli:

The net of expenditures and revenues of the company's branch in Tripoli amounted to S.P 795,445


5.Provision for  Bad debts : S.P 26,580,231


The Conclusion:


The company achieved net profits amounting to S.P 243,561,401after deducting the losses of Ceramic Factory which amounted to sp 17,931,904 & deducting Evaluation of foreign exchange differences 


  The Principles of Balance Sheet Preparation:


The general balance sheet has been prepared according to the following bases:


1.     The fiscal year started on the first day of January and ended on the thirty-first day of December.

2.     The premium reserve has been calculated at a percentage of 25% for the marine Cargo branch, and 40% for the rest of other branches.

3.     The outstanding loss reserve was calculated on the bases of the actual reported or the retained figures in the accounts whichever is the biggest. Also, the  incurred but not reported reserve of losses was calculated in accordance with the resolution of insurance supervision commission.

4.     The profit and loss account has been loaded with all expenses and expenditures.

5.     The investment revenues have been included in the profit/ loss account.



            Dr. Aziz Saker

Chairman of the Board of Directors