$5 billion in total assets
The combined net profit of insurance companies increased by 14 percent to $174.1 million in 2018 compared with the previous year, according to the Insurance Control Commission (ICC)’s annual report for 2018.
The jump in profits was driven by a one percent increase in written premiums, which rose to $1.63 billion and a three percent drop in paid claims, which fell to $937 million.
“Profitability remains largely stable with an overall profit margin of 11 percent driven by good margins on life insurance estimated to reach 22 percent, while margins on non-life neared five percent,” said Nadine El-Habbal Acting Head of the ICC.
Reported by Shikrallah Nakhoul