News Middle East30 Jun 2019

Lebanon:MetLife Alico is biggest life insurer despite weak premium performance

30 Jun 2019

MetLife Alico has been ranked first and 12th in 2018 in terms of life and non-life premiums, respectively, according to Al-Bayan magazine's annual survey of the insurance sector in Lebanon.

The insurer's life premiums in Lebanon reached $87.6m in 2018, down by 0.6% from 2017. Its non-life premiums amounted to $37.2m last year, up by 7.5% from 2017. The company had a 16.2% share of the life market and a 3.2% share of the local non-life market in 2018. Overall, MetLife Alico had a 7.3% market share of the Lebanese insurance market in 2018, ranking it in second place in terms of combined life and non-life premiums, according to a report in Lebanon This Week published by the Economic Research & Analysis Department of Byblos Bank.

Profits

MetLife Alico announced audited net profits of $39.3m in 2018, constituting a decrease of 4.7% from net earnings of $41.3m in 2017.

The company's audited balance sheet shows total assets of $547.1m at the end of 2018, down by 7.8% from $593.2m at 31 December 2017.

 

 

 

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