MANDAL INSURANCE JSC

What MANDAL INSURANCE JSC does

Mandal Insurance JSC (legal name Mandal Daatgal JSC / Мандал Даатгал ХК) is a Mongolian non-life insurance company founded in 2011 and headquartered at Park Place, Chinggis Avenue-24, Ulaanbaatar. It is the largest insurer in Mongolia by total assets, total premium, equity, and net profit, and underwrites both retail and corporate lines covering health, motor, travel, personal accident, children's insurance, property, cargo, liability, contractor's all-risk, management liability, and reinsurance. The company serves over 82,000 insured customers and is publicly listed on the Mongolian Stock Exchange (ticker MNDL) in the MSE TOP 20 index since its 2018 IPO.

The company's technology platform is built around the Mandal App, a mobile application (iOS and Android) that enables 2-minute online policy purchase, photo-based claim submission, real-time claim tracking, and direct chat with claims adjusters. Operations are certified to ISO 27001 (information security) and ISO 9001 (quality management), and the company is the first and only Mongolian firm to carry an AM Best financial strength rating (B) and long-term issuer credit rating (BB+). Distribution combines direct digital and call sales (pioneered in 2012), Mongolia's first bancassurance partnership with Khan Bank (established 2014), physical service centers, a call center, a corporate sales team, and a website storefront. Reinsurance capacity is secured through SCOR (treaty up to $5M for property/construction all-risk), AXA (international health), Russian Reinsurance, and brokers MARSH and TYSERS.

The business model is straightforward insurance underwriting. Premium income (the disclosed revenue proxy) grew from MNT 69.6 billion in 2022 to MNT 109.8 billion in 2023 to MNT 145.2 billion in 2024, while net profit after tax rose from MNT 8.3 billion (2024) to MNT 13.1 billion (2025), supporting dividend distributions of MNT 5.06 billion and MNT 8.7 billion respectively. Ownership is concentrated: UM Capital LLC holds 47.6%, the public float is 38%, Mandal Financial Union holds 9.45%, and pocket shares are 5%. The corporate customer base includes anchor accounts such as Oyu Tolgoi LLC, while the retail base provides volume diversification. A June 2025 share repurchase of up to 5% (10.7 million shares executed at MNT 72-72.6) signals active capital management alongside continued operational scaling.

Name

MANDAL INSURANCE JSC

Legal name

Мандал Даатгал ХК

Website

https://mandal.mn

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

Mandal Insurance JSC, founded in 2011 in Ulaanbaatar, is Mongolia's largest non-life insurance company. It underwrites retail and corporate health, motor, travel, property, and liability coverage for over 82,000 customers, distributed through digital channels, the Mandal App, and a Khan Bank bancassurance partnership.

Ownership category

akta.pro rank

Product category

Non-Life Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Commercial General Liability (CGL) (FSAJADAA)

akta.pro secondary industries

Public Liability (Premises/Operations) (FSAJADAD), Commercial Excess Liability (Large Accounts) (FSAJANAG)

Keywords

• Non-life insurance
• Health insurance
• Motor insurance
• Corporate insurance
• Reinsurance underwriting

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premium Income: Core revenue from insurance premiums across multiple product lines including property, health, motor, travel, and corporate insurance. Premium income grew from MNT 69.6 billion (2022) to MNT 109.8 billion (2023) to MNT 145.2 billion (2024).
2. Risk Management Services: Professional risk management consulting services including risk assessment, hazard reduction implementation, and safety training for corporate clients. Services based on 250+ major loss case experiences.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Mandal Insurance JSC is a Mongolian non-life (general) insurance company that underwrites both retail and corporate insurance products across health, automobile, travel, personal accident, property, cargo, liability, machinery, contractor's all-risk, management liability, and reinsurance lines. The company distributes through its own digital channels (website and Mandal App), call center, service centers, and a bancassurance partnership with Khan Bank, while offering professional risk management consulting to corporate clients.

Product overview

MANDAL INSURANCE JSC operates a diversified insurance platform offering individual (retail) and corporate insurance products. The retail portfolio includes health insurance plans (Jargalan Basic covering MNT 50M domestically, Jargalan Asia at $250,000 for Asia-wide coverage, and International Health at $1,500,000), automobile insurance, travel insurance (domestic and international), personal accident insurance, children's insurance, and driver's liability insurance. The corporate division provides property insurance (cargo, real estate, automobile, heavy machinery), liability coverage (general, employer's, professional), employee benefits (accident and health insurance), management liability, contractor's all-risk, and reinsurance services. All offerings are supported by a proprietary mobile app (Mandal App) for policy management and claims processing. The company also offers risk management consulting services to corporate clients.

Differentiator

Problem solved

Functional benefit

Brands

• Mandal Risk School: An innovative, free, online platform providing risk education tailored for children aged 4 to 12. Since founding in 2020, it has graduated 30,000 children with a curriculum of 20 lessons on various risk topics.
• World Financial History Museum
• ЖАРГАЛАН

Products and services

• Jargalan (ЖАРГАЛАН) Basic Plan - Domestic Health Insurance Domestic health insurance product providing coverage up to MNT 50,000,000 for medical expenses within Mongolia, targeted at individual retail customers.
• Jargalan Asia (Жаргалан Ази) Plan Health insurance coverage up to $250,000 valid across Asia, designed for travelers and expatriates in Asian countries.
• International Health Insurance (Олон улсын эрүүл мэндийн даатгал) Comprehensive international health insurance with coverage up to $1,500,000 for medical treatment worldwide.
• Automobile Insurance (Автомашины даатгал) Vehicle insurance covering all types of passenger cars, protecting against accidents, damage, and third-party liability.
• Travel Insurance (Аяллын даатгал) Insurance for both domestic and international travel covering trip cancellations, medical emergencies, and travel-related risks.
• Personal Accident Insurance (Хувь хүний гэнэтийн ослын даатгал) Coverage for hospital and medical treatment expenses resulting from unexpected accidents.
• Children's Insurance (Хүүхдийн даатгал) Comprehensive insurance protecting children from risks, serving as financial protection and security for families.
• Driver's Liability Insurance (Жолоочийн хариуцлагын даатгал) Mandatory insurance covering legal liability of drivers for bodily injury or property damage to third parties.
• Cargo Insurance (Ачаа тээврийн даатгал) Insurance covering cargo and goods against damage or loss during transportation, whether owned or third-party cargo.
• Property/Real Estate Insurance (Үл хөдлөх хөрөнгийн даатгал) Insurance coverage for industrial, commercial, and office buildings and facilities against property damage.
• Corporate Automobile Insurance (Байгууллагын автомашины даатгал) Vehicle insurance specifically designed for business and corporate fleet vehicles.
• Heavy Machinery Insurance (Хүнд машин механизмын даатгал) Insurance for heavy machinery used for loading, unloading, transporting, and lifting operations.
• Corporate General Liability Insurance (Байгууллагын ерөнхий хариуцлагын даатгал) Coverage protecting against third-party claims for bodily injury, property damage, or personal injury.
• Employer's Liability Insurance (Ажил олгогчийн хариуцлагын даатгал) Insurance protecting employers against claims from employees for work-related injuries or illnesses.
• Professional Liability Insurance (Мэргэжлийн хариуцлагын даатгал) Insurance covering legal liability arising from breach of professional duty, professional negligence, or professional ethics violations.
• Employee Accident Insurance (Ажилтны гэнэтийн ослын даатгал) Coverage for employees against accidents occurring during work duties and job responsibilities.
• Corporate Health Insurance (Ажилтны эрүүл мэндийн даатгал) Employee health insurance with options for both domestic and international coverage packages.
• Management Liability Insurance (Удирдах албан тушаалтны хариуцлагын даатгал) Coverage protecting executives and directors from liability arising from their management decisions and actions.
• Contractor's All-Risk Insurance (Барилга угсралтын гүйцэтгэгчийн бүх эрсдэлийн даатгал) Comprehensive insurance covering all risks for construction and road construction contractors.
• Reinsurance (Давхар даатгал) Treaty and facultative reinsurance covering high-value risks from $120,000 to $5,000,000, partnered with SCOR, AXA, Russian Reinsurance, MARSH, and TYSERS.
• Risk Management Services (Эрсдэлийн удирдлагын үйлчилгээ) Professional risk-assessment, evaluation, and mitigation consulting services including on-site inspections, risk surveys, and recommendations for businesses, drawn from 250+ major loss case experiences.
• Mandal App (Мандал Апп) Mobile application enabling policy management, claims submission with photo upload, real-time claims tracking, and direct communication with claims adjusters; available on iOS and Android.

Quantifiable outcome

• 24-hour claims settlement process
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Khan BankcoreChannel Partner/ Reseller/ DistributorMongolia's largest bank with extensive branch network. First-ever bancassurance partnership in Mongolia, established in 2014. This strategic partnership enables distribution of insurance products through Khan Bank's nationwide banking network.
• Mongolian Insurance Markets Association (MIMA)coreOthersIndustry association membership for Mongolian insurance companies to collaborate on market development and best practices.
• Asia Guarantee & Credit Insurance Association (AGCIA)coreOthersRegional industry association for guarantee and credit insurance companies across Asia.
• SCORcoreTechnology or IntegrationGlobal leading reinsurer with AM Best A+ rating. Provides treaty reinsurance capacity up to $5,000,000 for property and construction all-risk insurance lines.
• AXAcoreTechnology or IntegrationGlobal leading reinsurer with AM Best A+ rating. Provides health reinsurance capacity for international health insurance products.
• MARSHcoreChannel Partner/ Reseller/ DistributorGlobal reinsurance broker facilitating access to international reinsurance markets and capacity.
• TYSERSminorChannel Partner/ Reseller/ DistributorReinsurance broker providing access to additional international reinsurance capacity and markets.
• National Emergency Management Agency (Mongolia)coreStrategic or Co-development PartnerGovernment agency partnership for Save 50 Lives Project. Installed surveillance cameras along Tuul River to prevent drowning incidents, with 200-meter coverage radius and audio alerts. Project has saved 20+ lives per year.
• State Third Central Hospital (Mongolia)coreStrategic or Co-development PartnerPartnership for Save 50 Lives Project supplying Alteplase clot-dissolving injection to state hospitals. 38 lives saved through this initiative.

Scale indicators16 records

Recent moves9 records

Expansion highlights6 records

Market position

Strengths4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/MandalDaatgal
• Facebookfacebook.com/mandaldaatgal
• LinkedInlinkedin.com/company/mandal-general-insurance-llc
• Instagraminstagram.com/mandaldaatgal

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MANDAL INSURANCE JSC