News Middle East23 Oct 2019

Lebanon:Non-life sector outstrips life business in profit growth in 2018

23 Oct 2019

The combined net profits of insurance companies in Lebanon increased by 14% to $174m (LBP262.5m) in 2018 compared with the previous year, according to the Insurance Control Commission (ICC)'s annual report for 2018.

The jump in overall profits was driven by a 1% increase in written premiums, which rose to $1.63bn and a 3% fall in paid claims, which fell to $937m, reported Businessnews.com.

Net gains from non-life insurance business surged 32% to nearly $56m. Net profit from life insurance activities rose 7% to $118m.

“Profitability remains largely stable with an overall profit margin of 11% driven by good margins on life insurance estimated to reach 22%, while margins on non-life neared 5%,” said Ms Nadine El-Habbal, acting head of the ICC.

Total assets grew by 2% year-on-year to $4.9bn at the end of 2018.
 

| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.