UAE: Two thirds of listed insurers post profits in 1H

Source: Middle East Insurance Review | Oct 2015

Twenty of the 30 listed insurance companies in the UAE reported profits for the first half of this year, according to an analysis of interim financial statements lodged with the Dubai Financial Market and the Abu Dhabi Securities Exchange.

Among them, nine showed an increase in profits, seven reported lower profits and four turned around their performance from losses to profits this year.

Orient was the most profitable insurer in the first half with income of about AED188 million (US$51.2 million), 11% higher than the net gains of AED170 million for the corresponding period last year.

Oman Insurance Company, the biggest insurer in the UAE, was the second most profitable, reporting net profits of AED83.3 million. The result represented a fall of 31% from the AED120.5 million reported for the first half of 2014, due to lower investment income.

The third most profitable insurer was Emirates Insurance with profits of AED82.6 million, 8% lower than the profits reported in the first half of 2014.

Among the 10 loss-making insurers in the first half of this year, four reported higher losses while six went into the red compared to the corresponding period last year.

AED1 = US$0.27

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