UAE: 28 of 30 listed insurers made profits in 1Q2019
Source: Middle East Insurance Review | Jul 2019
Insurers listed on the Dubai and Abu Dhabi bourses continued their strong performance in the first quarter of 2019 (1Q2019) as premium revenue improved, driven by a favourable regulatory environment.
The combined profits of 28 listed insurers reached AED591.65m ($161.1m) in 1Q2019, an increase of 5.5% compared to AED560.9m in the corresponding quarter of 2018, according to Mubasher. Two other insurers reported losses.
Insurers benefitted from the improved operating conditions and regulatory environment, and the continued positive results were linked to market stability and declining competition, analysts told Mubasher.
Among the insurers that were profitable, 16 reported profit growth of between 2.6% and 200%. The remaining 12 companies showed a decline in profits ranging between 3% and 133%.
The three insurers with the fastest growth in net profit for 1Q2019 were: Dubai Islamic Insurance Company (AMAN) with a 200% rise in profits to AED4.5m; Union Insurance whose profits rose by 150% to AED10.5m; and Dubai Insurance which showed an increase of 134.6% in net profit to AED24.4m.
Five insurers accounted for 60% of total profits. Orient Insurance achieved the highest gain of AED162m, a 7.2% growth in 1Q2019 over the same period last year. M
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