UAE: Listed insurers saw 30% rise in combined profits in first 9 months
Source: Middle East Insurance Review | Dec 2018
The 30 listed insurers in the UAE have reported a combined profit of AED1,420m ($386.7m) in the first nine months of this year as compared to AED1,092m for the corresponding period in 2017 and AED778m in the same period of 2016. This translates to a CAGR of 35%, said Badri Management Consultancy, a boutique actuarial consulting firm.
Profit growth for the January-September period this year was 30% over the corresponding period in 2017, while growth was 40% in the 2017 period over 2016.
In a report titled ‘Performance analysis of UAE listed insurers for nine months ended 30 September 2018’, Badri noted that four out of the 30 companies posted losses amounting to about AED22m. In the corresponding period in 2017, four listed insurers were loss making with combined losses of AED134m.
Total gross premiums written by the listed insurance companies, in the first nine months of 2018, amounted to AED17.1bn, as compared to the figure for the corresponding period of 2017 of AED16.8bn, which shows a growth of 2%.
Of the 30 listed companies, 13 recorded premium growth in the nine months as compared to the previous period, while 17 companies saw their premiums plummet.
Data for the analysis were extracted from publicly available financial statements of the insurance companies for the nine months ended September 2018. M
AED1 = $0.27