Jordan: 21 listed insurers reported fall in combined 1Q net profit

Source: Middle East Insurance Review | Jul 2019

The consolidated profits of 21 insurers operating in the domestic market in the first quarter of this year decreased by 13.4%, or JOD1m ($1.4m) to JOD6.45m, compared to the corresponding period of the previous year, according to a study by Sanabel Alkhair for Financial Investments Company.

The results showed that 18 insurers made profits, while three companies suffered losses for the first three months of this year, reported Al Ghad citing the financial study.

Table 1 shows the results of the five most profitable insurers in 1Q2019.

Jordan’s top-five profitable insurers by 1Q results

The insurers which posted net losses for 1Q2019 are:

Holy Land Insurance with a net loss of JOD571,000 (1Q2018: profit of JOD272,000);
Philadelphia Insurance with a net loss of JOD146,000 (1Q2018: profit of JOD111,000); and
Jordan International Insurance with a net loss of JOD20,000 (1Q2018: profit of JOD212,000).

There are 24 licensed insurers operating in the market, 23 of which are listed on the Amman Stock Exchange. M

JOD1 = $1.41

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