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Insurance companies profits surge to AED1.4 billion in 2017











The combined annual profit of the insurance companies listed on the UAE financial markets for 2017 surged to AED1.4 billion from AED 900 million in 2016, a growth attributed to hiking premiums resulting from the updated unified insurance policy which went into force effective January 2017, and strengthened the insurance companies' financial resources.

According to an analysis by the Emirates News Agency (WAM) of the financial statements of the 31 companies, 22 firms have posted profits, while the rest recorded reduced profitability.

The profits of 17 ADEX-listed companies increased by 43.3 percent to AED756 million from AED471 million in 2016, while the 14 companies listed in DFM had their profits grow 66.6 percent to AED715. million from AED 429 million in 2016.

The National Takaful Insurance Company was the highest growing firm, with its profits jumping from AED400,000 in 2016 to AED7.6 million by the end of 2017, followed by the Union Insurance Company which turned losses of AED10.5 million in 2016 into profits of AED10.3 million by the end of 2017.

Orient Insurance still comes first, posting AED355 million in profit by the end of 2017, a growth of 17 percent from AED302 million in 2016, followed by the Abu Dhabi National Insurance Company which booked profit of AED227 million. 

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