Mandal timeline

  • 2011-06

    2011-06

    Mandal Insurance received special permit from Financial Regulation Commission to undertake insurance operations in Mongolia.

  • 2011-09

    2011-09

    Mandal introduced first Insurance Core System in the country.

  • 2011-11

    2011-11

    Initiated and organized the first Annual Risk Management Forum of Mongolia.

  • 2012-09

    2012-09

    Pioneered Bancassurance in partnership with Khan Bank.

  • 2014-08

    2014-08

    Golomt Financial Group LLC became strategic shareholder of the company.

  • 2014-09

    2014-09

    Introduced first of its kind, international standard motor-hull insurance product named “Songolt”.

  • 2015-10

    2015-10

    Introduced first domestic private health insurance product named “Jargalan”.

  • 2016-12

    2016-12

    Became one of TOP 3 insurers in the country in terms of Gross Written Premium.

  • 2017-04

    2017-04

    Became local insurer of “Oyu Tolgoi” LLC to undertake health and accident insurance of their 2,400 employees.

  • 2018-09

    2018-09

    Successfully completed first insurance IPO in Mongolia. Became industry leader in terms of revenue and profit.

  • 2019-01

    2019-01

    Mandal Insurance stock included in Mongolian Stock Exchange TOP 20 index.

  • 2019-06

    2019-06

    Became largest insurer in Mongolia in terms of assets and risk capacity.

  • 2019-07

    2019-07

    Won “Domestic General Insurer of the Year” award from INSURANCE ASIA AWARDS

Management team

JAVKHLAN Batsaikhan

Chief Executive Officer

DAVAADASH Chultem

President

TUMENDEMBEREL Naidandorj

Deputy CEO

ODMAA Zorigt

Director of Business Development and Marketing

ORGODOL Purevdorj

Director of Operations

Financials

/in million MNT/

2017

2018

2019

Cash and cash equivalents

11,271

         23,156

28,543

Insurance receivables

  4,402

4,817

   6,253

Insurance assets

  4,869

3,889

   3,857

Other

      584

1,537

   1,486

Property and equipment

      346

    385

      607

Total assets

21,472

33,784

40,746

Insurance payables

  2,055

1,064

   1,851

Other non-financial liabilities

  1,139

    648

      738

Unearned premium reserves

  9,366

13,115

12,834

Loss provision (reserve)

  2,911

3,383

   4,594

Total liability

15,471

18,210

20,017

Share capital

  6,243

6,243

   6,243

Treasury stock

(1,243)

       -  

          -  

Paid in capital

         -  

4,442

   4,442

Revaluation surplus

         -  

      20

      (71)

Retained earning

  1,001

4,869

10,115

Total equity

6,001

15,574

20,729

Total equity and liability

21,472

33,784

40,746

/in million MNT/

2017

2018

2019

Gross written premium

22,533

27,786

28,927

Reinsurance premium

(11,244)

(9,807)

(10,842)

Premium ceded

  (1,208)

(1,530)

  (2,211)

Net insurance premium

  10,081

16,449

  15,874

Earned premiums

    7,043

11,932

  16,422

Gross claims paid

  (4,706)

(4,324)

  (5,423)

Net claims paid

  (2,074)

(3,286)

  (4,364)

Claims exprense

  (2,381)

(3,925)

  (5,990)

Investment income

    1,227

  2,248

     3,734

Insurance activites profit

     (278)

    (877)

  (1,095)

General and administrative expenses

  (4,040)

(4,595)

  (6,626)

Other expenses

     (305)

    (409)

  90

Profit before income tax

    1,266

  4,374

     6,535

Income tax expense

     (163)

    (505)

      (665)

NET PROFIT

    1,103

  3,869

     5,870

 

2017

2018

2019

Solvency ratio

110%

151%

158%

ROA

6%

14%

16%

ROE

20%

36%

32%

Loss ratio

29%

28%

27%

Combined ratio

95%

77%

73%

 

Underwriting capacity

Mandal Daatgal JSC is under Multi-Line per Risk Excess of Loss Reinsurance Treaty contract with A rated reinsurers placed through reinsurance broker Tysers Co., LTD. The participating reinsurers reinsures policies underwritten by the company in respect of following classes of business.

Class of Business Limit
Property $ 5,000,000
CAR/EAR $ 5,000,000
Cargo $ 3,000,000
General Third-Party Liability $ 3,000,000
Employer's liability $ 3,000,000
Special Purpose Machinery and Heavy Trucks $ 3,000,000

Participating reinsurers are as follows:

Reinsurer Financial Strength rating
Hannover Re A+
General Insurance Corporate of India A
Russian Reinsurance Company B

The Excess of Loss Treaty programme indemnifies our company for the losses that exceed an amount of USD 120,000. The classes of business and risks not covered under the treaty programme as well as risks with high limits are placed on facultative basis.

Products and services

Coming soon…

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