UAE – Q1 profits of insurers up by 24%
Thursday, 05 17 2018, Category: Insurance and Reinsurance, Country: U.A.E
The profits of the insurance companies listed in the Abu Dhabi and Dubai financial exchanges “29 insurers” achieved a large growth during the first quarter i.e. up by 24% reaching AED 559 million compared to AED 451 million during the same period of the previous year.
According to the financial statements published, the insurance sector was profitable without any losses in the first quarter of year 2018 with the exception of “Orient UNB Takaful”, which started operations in the second quarter of year 2017 by achieving losses of AED 3 million. In fact, the Insurance Authority imposed corrective actuarial, technical and financial measures and launched the “unified” contract of vehicles as well as compulsory health insurance in Dubai. All of these factors led to profits. According to the results 19 companies strengthened their profits whereas two companies turned into profits and two companies decreased their losses while five companies had decreasing profits.
Source: Economic Al Khaleej