Media ININ Economy We Trust
MediaIn – Abu Dhabi on March 1
The combined profits of insurance companies listed on the UAE stock markets doubled in 2017 after jumping to 1.4 billion dirhams from 900 million dirhams in 2016.
The strong growth in the sector’s profitability was supported by the increase in the prices of the unified insurance policy, which started in January 2017. This increased the resources of the insurance companies in addition to the other investments which are also a source of revenue for the sector.
According to the analysis of the financial statements announced by 31 insurance companies listed on the market, 22 companies succeeded in achieving growth in profitability while the profitability of the rest of the other companies decreased.
In detail, the profits of 17 insurance companies listed on the Abu Dhabi Securities Market reached AED 765 million in 2017, an increase of 43.3% compared to AED 471 million in 2016.
On the side of the 14 insurance companies listed on the Dubai Financial Market, its net profit reached AED 715 million in 2017, a growth of 66.6% compared to AED 429 million recorded in 2016.
Abu Dhabi National Takaful was the most profitable company, rising from AED 400 thousand in 2016 to AED 7.6 million at the end of 2017, followed by Union Insurance, which changed from a loss of 10.5 million dirhams to profitability of 10.3 million dirhams.
