News Middle East02 Mar 2021

Jordan:Insurance industry's combined net profits jump by 38% in 2020

| 02 Mar 2021

The aggregate profits of 23 insurance companies operating in the local market surged by 38% to JOD26.7m ($37.7m) last year compared to 2019, according to a study by Sanabel Al-Khair Financial Investments.

The results also show that 17 insurance companies made profits while six companies suffered losses in 2020, reported Al Ghad citing the study. In comparison, in 2019, among the 23 insurers, 19 were profitable while four reported losses.

2020Rank

Insurer

2020 Net

profit/loss JODm

2019 Net

profit/loss JODm

2020/2019

Results (Better/Worse)

1

Arab Orient Company

5.68

5.16

+10.0%

2

Al Nisr Al Arabi Insurance

3.06

2.84

+7.8%

3

Jordan Insurance

3.01

1.47

+105%

4

Delta Insurance

2.50

2.54

-1.8%

5

Al-Manara Insurance

1.78

0.41

+338.2%

6

Islamic Insurance

1.73

1.18

+46.7%

7

Solidarity-First

1.60

2.28

-29.9%

8

United Insurance

1.50

1.10

+36.0%

9

Arab Jordanian

1.49

1.02

+46.0%

10

Jordan French

1.42

1.44

-1.2%

11

Euro Arab

1.22

1.00

+22.0%

12

Jerusalem

1.19

1.24

-3.8%

13

Middle East

1.01

1.21

-16.4%

14

Holy Land

0.90

-2.83

+131.0%

15

National

0.89

0.46

+92.6%

16

Arab Insurance - Jordan

0.64

0.36

+76.5%

17

Arab Assurers

0.33

0.18

+87.6%

 

Loss making insurers

 

 

 

18

Al Safwa

-0.13

-0.35

+62.4%

19

Jordan International

-0.14

0.43

-131.6%

20

Arab Union International

-0.21

0.10

-318.1%

21

Philadelphia

-0.50

-1.57

+68.1%

22

MedGulf

-0.56

0.13

-522.9%

23

Arab Life & Accidents

-1.70

-0.35

-384.5%

Source: Al Ghad

Excluded from the list is MetLife. There are 24 insurance companies licensed to operate in Jordan.

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