Gulf Insurance Group-Jordan (GIG Jordan) has recorded a sharp rise in net profits in 1Q2026, further consolidating its market leadership.
GIG Jordan reported a net profit of JOD5.2m ($7.3m) in the first quarter of the year, a 58% y-o-y increase from JOD3.3m in the corresponding period of 2025, according to interim financial results filed with the Amman Stock Exchange (ASE).
The company’s insurance revenue for 1Q2026 reached JOD38.9m, compared to JOD33.3m in the corresponding quarter of the previous year, an almost 17% increase. Total revenue for the first three months of this year jumped by 54% to JOD8.4m, up from JOD5.4m in the corresponding quarter in 2025.
Comparison
Total interim net profit for the six listed insurers in the ASE’s first market reached JOD5.8m in the first quarter of 2026, compared with JOD4m in 1Q2025, an increase of 45%. The 1Q2026 net profit of GIG Jordan, which is listed in the second market, was close to the combined profits of the six first-market listed insurers, as is shown in the table below:
|
Listed insurance companies on Amman Stock Exchange – First Market
|
Net profit
|
|
1Q 2026
|
1Q 2025
|
Change
|
|
Al Nisr Al Arabi Insurance
|
1,492,654
|
1,354,041
|
10%
|
|
Islamic Insurance
|
970,373
|
220,171
|
341%
|
|
Jerusalem Insurance
|
865,017
|
644,953
|
34%
|
|
Jordan Insurance
|
808,441
|
844,803
|
-4%
|
|
First Insurance
|
719,702
|
645,095
|
12%
|
|
National Insurance
|
664,636
|
271,524
|
145%
|
|
United Insurance
|
289,767
|
25,845
|
1,021%
|
|
Total first-market listed insurers
|
5,810,590
|
4,006,432
|
45%
|
|
GIG – Jordan (second market)
|
5,219,848
|
3,299,777
|
58%
|
Potential merger
Meanwhile, GIG Jordan and Jordan French Insurance Company (JOFICO) have signed a preliminary Memorandum of Understanding to assess the feasibility of a merger between the two companies, said both insurers in separate statements filed with the ASE last month.
The GIG Jordan statement noted that this followed a board resolution on 18 February 2026, approving the signing of the initial MoU with JOFICO.
Under the MoU, both parties agree to appoint independent and duly licensed advisors to conduct the financial, tax, technical, legal, and actuarial due diligence analysis, in accordance with what will be mutually agreed upon by the two companies and in compliance with the relevant legislation.
Both insurers acknowledged in their disclosures that the MoU is non-binding on either company and does not create any legal or contractual obligations on either party.
The GIG Jordan statement said, “The execution of the Memorandum of Understanding shall not be deemed as an indication that the parties will ultimately approve or proceed with the contemplated merger, which remains subject to further examination and evaluation. The Company will further disclose any material developments that may have any impact on its financial position.”
If the GIG Jordan-JOFICO merger proceeds, it will be the second merger involving GIG Jordan. In 2021, Arab Life & Accidents Insurance Company was fully merged into GIG Jordan.