News MiddleEast08 Aug 2018

Jordan:Profits of 21 insurers jump by 332% in 1H

| 08 Aug 2018

The combined profits of 21 insurance companies operating in the local market soared by 332% in the first half of this year compared to the corresponding period last year, according to a study by Sanabel Al Khair Financial Investment Company.

The total 1H2018 profits of the 21 insurers, which revealed their results out of 23 listed insurance companies, stood at JOD 9.55m ($13.5m) compared with JOD2.21m in the same period last year, reports Al Ghad.

The 1H2018 results showed that 17 insurance companies made profits, while four posted losses.

The top five insurers in terms of net profit after tax for 1H2018 were:

Insurer

Net profit after tax 1H2018

JOD m

Net profit after  tax 1H2017

JOD m

Arab Orient Insurance +1.83 -7.91
The Islamic Insurance +1.62 +1.47
Middle East Insurance +1.36 +1.70
Al-Nisr Al-Arabi Insurance +1.34 +1.09
First Insurance +1.03 +1.01

 

For the insurance companies that suffered losses, Al Manara Insurance posted the highest losses in the first half of this year, amounting to JOD1.10m compared to a loss of JOD573,000 in the same period last year. 

There are 24 licensed insurance companies operating in the Jordanian market, 23 of which are listed on the Amman Stock Exchange. There are two companies with branches outside Jordan, in Kuwait, UAE and Palestine. There are no reinsurance companies in Jordan.


 

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