Jordan: Industry's 1H net profit surged 40% to $18m
Source: Middle East Insurance Review | Nov 2019
The Jordanian insurance market posted profits totalling JOD13m ($18.3m) for the first half of this year, according to a study by the investment house Sanabel Al Khair for Financial Investments.
The figure is 40% higher compared to the JOD9.3m net profit raked in for the corresponding six months of last year.
Out of 23 insurers in the kingdom, 22 filed their 1H2019 financial results. Among them, 20 insurers posted profits while two suffered losses.
The top five insurers in terms of net profit in 1H2019 were: Arab Orient ($3.4m); Islamic Insurance ($1.4m); Middle East Insurance ($1.3m); Jordan Insurance ($1.2m); and First Insurance ($827,000).
Interim financial results released by the Jordan Insurance Federation show that total technical profits reached JOD13.5m in 1H2019, 48% more compared to JOD9.1m for 1H2018.
Written premiums fell by 2.2% to JOD316.8m in 1H2019 compared to JOD323.9m in the corresponding half last year. M
JOD1 = $1.41