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.