Lebanon-Insurance sector grows in premiums and profits
Thursday, 12 31 2015, Category: Insurance and Reinsurance, Country: Lebanon
The insurance sector achieved positive results in terms of profits, assets, and shareholder equity in 2014 compared to the year before, according to the latest Market Annual Report by the Association of Insurance Companies in Lebanon (ACAL), released last week.
The consolidated net income of insurance companies jumped 24 percent to $142 million. Jamil Harb, Secretary General of ACAL, said that one of the main factors enabling sector profits to swing from a contraction in profits in 2013 to a 24.2 percent increase in 2014 was the narrowing of deficits in motor insurance. Assets expanded to $4.3 billion, up by seven percent compared to 2013. Premiums grew by 4.6 percent to reach $1.5 billion. Harb said: “Insurance companies are applying new rates and deductibles.”
Source: Business News