Jordan: MEICO increases net profit in 2022
Source: Middle East Insurance Review | Jul 2023
Middle East Insurance Company (MEICO) has reported net profit before tax of JOD3.07m ($4.32m) for 2022, 13.1% higher than in 2021, according to a statement released by the company.
GWP for the year amounted to JOD45.26m. The net retained premium reached JOD20.6m, attributed to proficiency in managing underwriting operations. The company recorded a net profit of JOD2.4m after tax. The insurer also paid claims totalling JOD23.36m.
The insurer’s financial position is further reinforced by its net technical reserves, which reached JOD30.72m. Total assets for the year ended 2022 amounted to JOD95.53m. The company’s total investments figure amounted to JOD72.01m.
The insurer also maintains a strong liquidity position, with total cash and deposits in banks amounting to JOD28.29m and solvency margin stands at 294%, reflecting the company’s solid capital base and ability to absorb potential risks.
Commenting on the financial results MEICO chairman Mr Zeid Kawar said, “Our financial results for the year 2022 not only strengthen our position as a leader in the industry but also have a far-reaching impact on the investments and investment policies within the Middle East Holding Company.” M