UAE – Profits of listed insurers up by 29.3%
Saturday, 08 25 2018, Category: Insurance and Reinsurance, Country: U.A.E
Local insurance companies maintained their strong performance during the first half of year 2018. This follows the jump in profits witnessed last year due to the government decisions taken. A survey conducted by “Economic Al Bayan” covered 30 national insurance companies listed in the financial markets of Dubai and Abu Dhabi. The total profits of the sector reached AED 761.4 million during the first half of year 2018, so they increased by 29.3% or AED 172.7 million compared to total profits of AED 588.6 million during the same period in year 2017. Moreover, 22 insurance companies increased their profits whereas the remaining profits had decreasing profits or smaller losses.
The large increase in profitability was supported by the increase in the price of the unified motor insurance contract implemented in the beginning of year 2017. The minimum price of motor contracts was increased as well. Finally, investment results also helped improve profits.
Source: Al Bayan - UAE