GCC Islamic ins. sector to stay profitable in 2018
Monday, 07 23 2018, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
In the Gulf Corporation Council (GCC), net income of listed companies in the Islamic (takaful and Islamic cooperative tawuni) insurance sector nearly halved in 2017 to $375 million, from $674 million in 2016, S&P Global Ratings said in its report titled “Islamic Insurers' Net Income Continues To Fall But The Sector Will Stay Profitable In 2018” published on Sunday.
The decline in 2017 net income was mainly driven by weaker results in the Saudi Arabian insurance sector and follows an increase in earnings by about 151% in 2016, indicating some considerable earnings volatility in the sector.
Source: Saudi Gazette