News Middle East11 Nov 2019

Lebanon:Life insurance sector earns US$118m in net profit in 2018

11 Nov 2019

The aggregate net profit of 33 companies operating in the life insurance segment in Lebanon reached $118.2m in 2018, constituting an increase of 7.4% from $110.1m in 2017, reported the Economic Research & Analysis Department of Byblos Bank citing data released by the Insurance Control Commission.

The term life protection class of business posted profits of $95.2m in 2018, followed by the ''life protection with savings'' category with $20.7m and the ''life protection with unit-linked savings'' category with $2.4m.

Metlife Alico led all life insurers with $27.9m in net profits in 2018 and accounted for 23.6% of the life segment's aggregate net earnings, followed by Sogecap with $23.5m (19.9%), Bancassurance with $20.6m (17.4%), CLA with $12m (10.1%), ADIR with $10.7m (9.1%), and Arope with $6.7m (5.7%).

Gross written premiums from the life segment, which include new business and renewals, increased by 3.7% to $520.4m in 2018 relative to growth rates of 3.9% in 2017, 5.1% in 2016, 7.8% in 2015 and 4.3% in 2014.

Also, net income from the life segment posted a compound annual growth rate (CAGR) of 9.4% between 2011 and 2018. Gross premiums rose by a CAGR of 5.5% between 2011 and 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.