Insurance Sectoral Profits Drop 99%: AOIC Takes Massive Loss in 2017

تم نشره في Thu 22 February / Feb 2018. 01:00 AM
  • Insurance - Expressive - (Archives)

AMMAN —AlGhad— The combined profits of 22 insurance companies in Jordan have declined by nearly 99 per cent in 2017, from JOD23.047 million in 2016 to JOD262 thousand, according to the sectoral financial data, compiled by financial investments company, ‘Sanabel Al Khair’.

Disclosed financial data indicates that 14 insurance companies have made profit and eight have incurred loss.

Solidarity - First Insurance Company came in top of the list with nearly JOD2.509 million in profits, compared to JOD2.13 million in 2016.

Meanwhile, Arab Orient Insurance Company has incurred the most losses, coming in red with JOD11.083 million in losses.

The Jordanian Emirati Insurance Company came in second in the red, with some JOD1 million in loss.

Sectoral losses are estimated at around JOD16.2 million, which has driven the overall profitability of the sector down.

There are 24 insurance company operating in Jordan, 23 of them are registered at the Amman Stock Exchange (Bourse).