Jordan: Aggregate profits of 22 insurers surged by 56% for Jan-Sep
Source: Middle East Insurance Review | Dec 2019
The combined profits of 22 insurers operating in the Jordanian market grew by 56.4% to JOD17.2m ($24.3m) at the end of September 2019, compared to JOD11m for the corresponding period last year, according to a study by Sanabel Al Khair for Financial Investments.
The results showed that 20 insurers made profits while only two companies suffered losses, reported Al Ghad, quoting the disclosed results of the 22 insurers published in the Sanabel Al Khair study.
The most profitable insurer for the first nine months of this year was Arab Orient with a net profit of JOD4.62m, an increase of 95.5% over the corresponding period last year. Philadelphia Insurance Company reported the highest loss of JOD819,000 for the first three quarters of this year.
As a whole, the Jordanian insurance market posted profits totalling JOD13m for the first half of this year. The figure was almost 40% higher compared to the JOD9.3m net profit raked in for the corresponding six months of last year.
There are 24 insurers licensed to operate in the kingdom, 23 of which are listed on the Amman Stock Exchange. M
JOD1 = $1.41