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

Description

 2017.12.31

 2018.12.31

 2019.03.31

 2019.06.30

 2019.09.30

ASSETS

 

 

 

 

 

Cash and cash equivalents

1,805,206

3,082,303

9,596,669

9,669,225

2,862,362 

Receivables

4,803,624

5,120,943

5,081,401

6,351,122

6,254,521

Other assets

182,386

1,233,157

1,189,244

1,123,905

1,129,354

Short term investments

9,229,438

19,837,291

14,592,109

17,674,475

25,360,957

Reinsurers' share of provision for unearned premiums

3,625,756

2,857,095

6,953,285

6,185,814

4,821,410

Reinsurers' share of loss provision

714,628

548,221

413,165

451,087

246,114

Deferred acquisition costs

528,192

483,524

439,217

518,601

492,286

Fixes assets

288,956

351,967

374,141

421,614

436,206

Intengible assets

57,325

33,147

13,536

11,484

9,409

Investment property

236,640

236,640

236,640

236,640

-

TOTAL ASSETS

21,472,151

33,784,288

38,889,407

42,643,967

41,612,619

LIABILITIES AND EQUITY

 

 

 

 

 

Insurance payables

2,055,456

1,065,374

786,550

2,471,204

2,404,672

Other payables

1,138,866

645,613

893,047

815,719

707,121

Provision for unearned premiums (gross)

9,366,278

13,115,353

16,463,589

17,061,639

14,258,403

Insurance loss provision (gross)

2,910,659

3,383,397

3,222,798

3,996,622

5,072,620

Total liabilities

15,471,259

18,209,737

21,365,984

24,345,184

22,442,816

Share capital

5,000,000

6,243,016

6,243,016

6,243,016

6,243,016

Paid-in capital

-  

4,441,896

4,441,896

4,441,896

4,441,896

Surplus in revaluation of assets

-  

20,490

(43,908)

(35,747)

(322,383)

Retained earnings

1,000,892

4,869,149

6,882,419

7,649,618

8,807,274

Total equity

6,000,892

15,574,551

17,523,423

18,298,783

19,169,803

TOTAL LIABILITIES AND EQUITY

21,472,151

33,784,288

38,889,407

42,643,967

41,612,619

Description

2017.12.31

2018.12.31

2019.03.31

2019.06.30

2019.09.30

Gross premium written

22,533,093

27,786,499

9,970,664

18,156,408

22,887,005

Premium cancellation

(1,207,753)

(1,529,982)

(269,423)

(1,191,335)

(1,864,648)

Premiums ceded

(11,243,874)

(9,807,090)

(6,663,211)

(8,536,246)

(9,757,189)

Net premiums written

10,081,466

16,449,427

3,038,030

8,428,827

11,265,168

Change in provision for unearned premiums, gross

1,893,216

3,749,075

3,348,236

3,946,287

1,143,051

Change in reinsurer share in provision for unearned premiums

1,145,087

768,662

(4,096,190)

(3,328,720)

(1,964,316)

Net premiums earned

7,043,163

11,931,690

3,785,984

7,811,260

12,086,433

Gross claims paid

4,705,634

4,324,094

1,085,859

2,148,787

3,321,895

Claims ceded

2,533,555

790,080

183,115

332,702

387,101

Subrogation income

97,611

247,954

43,286

122,135

195,912

Net claims paid

2,074,468

3,286,060

859,458

1,693,950

2,738,882

Change in loss provision, net of reinsurance

306,857

639,146

(25,544)

710,359

1,991,329

Net claims incurred

2,381,325

3,925,206

833,914

2,404,309

4,730,211

Acquisition cost for the year

(1,203,701)

(1,315,776)

(243,769)

(528,345)

(809,610)

Reinsurance commission income for the year

925,392

438,772

32,993

53,176

65,479

Interest and investment income

1,226,959

2,248,376

833,616

1,753,901

2,719,207

Insurance activity result before operating expense

5,610,488

9,377,856

3,574,910

6,685,683

9,331,298

Administrative and other operating expenses

(4,040,133)

(4,595,055)

(1,396,313)

(2,916,473)

(4,292,158)

Other income/expense

(333,648)

(490,962)

7,697

25,496

46,748

Foreign exchange gain/loss

28,366

81,781

(28,125)

(2,187)

2,544

Profit/loss before tax

1,265,073

4,373,620

2,158,169

3,792,519

5,088,432

Income tax expense

(162,548)

(505,364)

(144,900)

(387,747)

(526,006)

Profit/loss for the year

1,102,525

3,868,256

2,013,269

3,404,772

4,562,426

Other comprehensive income for the year

-  

20,490

(64,398)

(56,237)

(342,873)

TOTAL COMPREHENSIVE INCOME/LOSS FOR THE YEAR

1,102,525

3,888,746

1,948,871

3,348,535

4,219,553

Ratio

2017

2018

2019Q3

Solvency ratio   

109%    

150%    

155%

ROA

6%

14%

8%

ROE

20%

36%

18%

Loss Ratio

29%

28%

22%

Combined Ratio

95%

77%

65%

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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