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Apr 2021

Jordan: Islamic Insurance Company sees profits soar in 2020

Source: Middle East Insurance Review | Mar 2021

The Islamic Insurance Company has posted net profit after tax attributable to shareholders of JOD1.73m ($2.44m) for the 2020 financial year, 46.6% higher than the JOD1.18m reported for FY2019, according to preliminary financial results lodged with the Amman Stock Exchange.
 
Islamic Insurance Company chairman Mousa Shehadeh said the favourable results were achieved by the company despite the various political and economic challenges surrounding the region and the effects of the coronavirus pandemic that swept the world and Jordan and affected the insurance sector.
 
The higher profits were achieved despite total written premiums declining by 7.2% y-o-y to JOD22.59m in 2020.
 
The board of directors has proposed that 8% cash dividends on paid-up capital of JOD15m be distributed to shareholders for 2020, compared to the 6% declared for 2019.
 
Total assets increased by 5% to JOD41.55m at 31 December 2020, compared to 12 months previously.
 
Established in 1996, Islamic Insurance Company is the first takaful company to be formed in Jordan. M 
 
JOD1 = $1.40
 
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