Jordan: Arab Orient Insurance reports 33% profit growth in 1H

Source: Middle East Insurance Review | Sep 2015

Arab Orient Insurance, gig has reported net profit before tax of JOD4.1 million (US$5.8 million) for the first half of this year, 32.7% higher than the JOD3.1 million posted for the corresponding period last year. Premiums written amounted to JOD54.9 million, 16.8% higher than the JOD47 million collected from January to June last year.

Net after-tax profits amounted to JOD3.2 million, 26% more than the JOD2.5 million for the same period in 2014. For the whole of last year, after-tax profits stood at JOD5 million.

The company’s CEO, Mr Isam Abdelkhaliq, said that the results were achieved despite the difficult economic situation resulting from the negative effects of the volatile political situation in the Arab region, and its impact on the insurance sector. The 1H performance was due to increases in net premiums earned and a rise in net investment profits.

JOD1 = US$1.41

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