Jordan: Islamic Insurance shareholders' profit reaches $3.4m in 2022
Source: Middle East Insurance Review | Mar 2023
Islamic Insurance Company (IIC) announced that its preliminary results have shown that shareholders’ profit before tax in 2022 amounted to around JOD2.35m ($3.4m), compared to JOD2.6m in 2021.
IIC’s gross contributions reached over JOD31m in 2022 against JOD25m in the preceding year, around 24% increase. Claims paid in 2022 reached JOD20.7m.
Total assets of the company amounted to about JOD45.3m versus around JOD41m in 2021, a growth rate of 11%, while shareholders’ equity reached JOD23.350m compared with JOD22.65m, a 3% increase.
IIC chairman Musa Shehadeh said that the company achieved satisfactory results despite the various challenges facing the insurance sector, including the consequences of the COVID-19 pandemic and competition. “The results confirmed the strength and efficiency of the company in maintaining an advanced position among the insurance companies operating in Jordan,” he said.
The company’s board of directors approved the distribution of cash dividends to shareholders for 2022 at a rate of 8% of the IIC’s capital, to be distributed from the company’s retained earnings. M