News Middle East29 May 2019

Jordan:21 listed insurers report fall in combined 1Q net profit

| 29 May 2019

The consolidated profits of 21 insurance companies operating in the domestic market in the first quarter of this year decreased by 13.4%, or JOD1m ($1.41m) to JOD6.45m, compared to the corresponding period of the previous year, according to a study by Sanabel Alkhair for Financial Investments Company.

The results show that 18 insurance companies made profits while 3 companies suffered losses for the first three months of this year, reported Al Ghad citing the financial study.

The results of the five most profitable insurers in 1Q2019 are:

Insurer

1Q2019

net profit after tax

JOD '000

1Q2018

net profit after tax

JOD '000

Change

%

Arab Orient Insurance

1,974

1,126

+75.3

Islamic Insurance

1,004

1,301

-22.8

Middle East Insurance

666

1,305

-49.0

Solidarity First Insurance

586

611

-4.2

Jordan Insurance

578

472

+22.4

The insurers which posted net losses for 1Q2019 are:

  • Holy Land Insurance with a net loss of JOD571,000 (1Q2018: profit of JOD272,000);
  • Philadelphia Insurance with a net loss of JOD146,000 (1Q2018: profit of JOD111,000); and
  • Jordan International Insurance with a net loss of JOD20,000 (1Q2018: profit of JOD212,000).

There are 24 licensed insurance companies operating in the market; 23 of which are listed on the Amman Stock Exchange.


 

 

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