AED 562 million profits of insurance companies within 3 months

Media In – Abu Dhabi June 6, 2018 and WAM
Consolidated earnings of listed insurance companies jumped to AED 562 million in the first quarter of 2018, up 27.7 percent from AED 440 million in the same quarter of 2017.
Insurance sector experts said that the steady growth of the sector companies since the end of 2016 was due to several factors, including those related to the rise in the prices of the standard insurance policies, which began in January 2017, noting that the good profits achieved by the investment portfolios of these The companies had a positive role in enhancing their gross profit by the end of the first quarter of this year.
In terms of performance of listed companies, 17 companies listed on the Abu Dhabi Securities Exchange (ADX) posted AED 280 million in the first quarter of this year, an increase of 34.7% compared to AED 210 million in the first quarter of 2017.
The Abu Dhabi Securities Market (ADX)’s first-quarter earnings accounted for 36.6 per cent of the total profits of the sector during the year 2017, amounting to AED 765 million.
At the level of the 14 insurance companies listed on the Dubai Financial Market, net profit for the first quarter of this year amounted to 282 million dirhams, a growth of 22.6% compared to 230 million dirhams in the same quarter of 2017.
The profits of the insurance companies of the Dubai Financial Market during the first quarter of this year about 39.4% of the total profits achieved by the sector during the year 2017, which amounted to 715 million dirhams