The net profits of 23 insurance companies listed on the financial markets in the UAE increased to about AED1.41bn ($384m) during the first nine months of 2020, with a growth rate of 3.8% compared to the profits they achieved in the corresponding period of 2019.
The financial results announced by insurance companies reflect the continued activity of the sector despite the slowdown that dominated the activities of most sectors during the past months, reported Emirates News Agency.
15 insurance companies out of the 23 posted increases in net profits for the first three quarters of the year, while the eight companies showed lower profitability.
The number of insurance companies that disclosed their financial statements on the Abu Dhabi Stock Exchange reached 13 companies, nine of which succeeded in increasing their net profits during the first nine months of this year.
In the Dubai Financial Market, the number of insurance companies that disclosed their financial statements was 10, six of which achieved growth in net profits.