News Middle East14 Nov 2019

Jordan:Aggregate profits of 22 insurers surge by 57% for Jan-Sep

14 Nov 2019

The combined profits of 22 insurance companies operating in the Jordanian market jumped by 57.1% for the first three quarters of this year (YTD 3Q2019) compared to the corresponding period last year, according to a study by Sanabel Al Khair for Financial Investments.

The total profits of 22 insurance companies, which disclosed their results, for YTD 3Q2019 reached JOD17.2m ($24.3m) compared to JOD11m for the corresponding period last year, reported Al Ghad, quoting the results of the Sanabel Al Khair study.

The results showed that 20 insurance companies made profits while only two companies suffered losses.

The most profitable insurer for the first nine months of this year was Arab Orient with a net profit of JOD4.62m, an increase of 95.5% over the corresponding period last year. Philadelphia Insurance Company reported the highest loss of JOD819,000 for the first three quarters of this year.

In comparison, the Jordanian insurance market posted profits totalling JOD13m for the first half of this year. The figure was 40% higher compared to the JOD9.3m net profits raked in for the corresponding six months of last year.

There are 24 insurance companies licensed to operate in the kingdom, 23 of which are listed on the Amman Stock Exchange.


 

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