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MEIF Awards

MEIF Awards have been designed on the basis of a robust methodology which takes into account key financial metrics and provides industry participants an objective peer-to-peer ranking. The data employed in creating the assessment framework has been collated from the Thomson Reuters EIKON database. To ensure consistency across countries, we have only included companies with data on all fields that was available from EIKON. The data is used to make the Leaderboard aggregate ranking, which is composed of a weighted index of the various aforementioned metrics – with the view to eliminating data biases and “noise” and reach a comparable measure across various dimensions of performance.

Award Criteria

Aggregate MEIF Leaderboard Score (the Aggregate Index)

Countries in the GCC, MENA and Levant regions

Insurance Companies with Minimum banking assets of USD 15 million or higher

Total companies in the sample: 78

Award Categories

 

Overall Middle East

 

 

Overall Life – Middle East

 

 

Overall Non-Life – Middle East

 

 

Overall GCC

 

 

Overall Levant

 

Methodology

The MEIF awards are based on an equally weighted index which takes into account three key financial metrics:

     – Premium Growth: Year on Year change in the gross written premiums from the year 2013 to 2014.

     – Investment Ratio: Investment Income divided by Earned Premiums

Where Net investment income includes:

     – Interest income on bonds/policy loans
     – Dividend income from equity securities investments
     – Investment expenses directly related to earning the investment income, as a negative figure
     – Rental income from real estate investments
     – Gain/loss on sale of real estate investments

 

As calculated by Thomson Reuters EIKON database:

     – Operating Ratio : Combined Ratio minus investment Ratio

Where Combined Ratio: Total Expenses divided by earned premiums

The Aggregate Index is based on the Arithmetic Means of the three metrics mentioned above.

     – The Metric Value are normalized as following:
        Metric Value = Absolute Value/(Scale Value )   x (Metric Weight/2)

     – Scale Value is the average for all absolute values for that metric (not including zeros) for the specified year(Base year). This value forms the basis of our scale for that metric and will remain unchanged for future years.

     – Metric Weight =100/n

Where n= number of total metrics for the awards procedure; in this case  n=3 and metric weight =33%