Mena News - Dubai: Arab Orient Reports Glowing 2006 Results
Source: Middle East Insurance Review | Mar 2007
The Arab Orient Insurance Company reported a 43% growth in gross premiums to AED558 million ($152 million) last year, from AED391 million in 2005.
The Dubai-based insurer’s net profit also soared by 30% to AED95 million in 2006. Assets rose to AED1.14 billion at the end of 2006 against AED710 million at the end of 2005.
Overall, the company showed a balanced increase in premiums in all classes of business, with net motor premiums amounting to 16% of the total gross premiums, according to the company.
Arab Orient’s board has recommended that the company’s capital be increased to AED200 million from AED150 million by issuing bonus shares.