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.