Profits of 30 listed insurance companies amount to AED1.2 billion

A total of 30 listed insurance companies on Abu Dhabi Securities Exchange and Dubai Financial Market reported AED1.2 billion in profit during the first nine months of 2017, a growth of 79.6 percent from AED668 million during the same period last year as a direct result of the rise in insurance premiums.

Most of the listed companies posted decent gains as a result of their stock investments, with the net profit of 13 companies listed on Dubai Financial Market amounting to AED652 million during the period from January through the end of September, a growth of 123 percent from AED293 million during the corresponding period in 2016.

At ADX, 17 firms booked profits of AED546 million during the first nine months of 2017, a growth of 45.6 percent from AED375 million in 2016.

Out of the 30 insurance firms surveyed by the Emirates News Agency, WAM, 22 companies made profits during the monitored nine months, while 8 sustained varying losses.

Premiums for both third party and comprehensive insurance for all categories of vehicles increased after the UAE Insurance Authority revised the unified auto insurance regulations with effect from January.

Source: Wam