UAE – Insurers record 40% growth in profits in 2017
Tuesday, 02 20 2018, Category: Insurance and Reinsurance, Country: U.A.E
Insurance companies listed in Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) recorded a significant growth of 40 per cent in their profits to Dhs1.29 billion for 2017 compared to Dhs919 million for 2016.
The profits of the companies listed on DFM amounted to Dhs736 million, accounting for 57 per cent of the total profit compared to Dhs428 million in 2016, up by of 72 per cent, while the profits of the companies listed on ADX rose by 13 per cent to Dhs554 million, accounting for 43 per cent of the total profits compared to Dhs491 million in 2016.
The most significant result made by the insurance sector during 2017 was the switch of Takaful insurance to profitability, recording a growth of 236 per cent to Dhs137 million compared to losses of Dhs101 million in 2016. The profits made by the traditional insurance, on the other hand, grew by an average of 13 per cent or Dhs1.15 billion compared to Dhs1.02 billion in 2016.
Mandatory health insurance companies in Dubai posted profits of Dhs780 million in 2017, up by 21 per cent over 2016 in which they posted Dhs645 million.
Source: The Gulf Today