Jordan: Insurance industry shows weaker profits

Source: Middle East Insurance Review | Dec 2021

The aggregate profits of 19 insurance companies operating in the Jordanian market plummeted by 42.2% to JOD11.45m ($16.15m) for the first nine months of 2021, compared to the corresponding period last year, according to the financial statements that they lodged with the Amman bourse.

An analysis of the financial statements of the 19 companies by Sanabel Al Khair for Financial Investments showed that among the insurers, 14 made profits, while the others reported losses. Six of the profitable insurers increased their profits, reported Al Ghad.

Arab Orient Insurance ranks first in terms of profits for the first nine months of this year, with a net profit of about JOD6.12m, a y-o-y increase of 23.3%.

Next is Al-Nisr Al Arabi Insurance, with a net profit of JOD2.4m (-0.2% y-o-y), followed by The Islamic Insurance Co in third place, with a net profit of JOD2.1m (+14.2% y-o-y).

There are 21 insurance companies licensed to operate in Jordan, 20 of which are listed on the Amman Stock Exchange. M

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