AOIC cites significant rise

Top Quote Growth in annual insurance premium for Arab Orient Insurance by 24.1% End Quote
  • (1888PressRelease) February 07, 2012 - Arab Orient Insurance Company (AOIC) annual premium cited growth by 24.1% according to the annual financial statements of the company, recognized unanimously to note the growing proportion of annual profits compared to 2010.

    According to Khalid Hassan - Chairman of the Board, and Chief Executive of Gulf Insurance Co., AOIC's major share holder -owning 89%) ; the annual results for the year 2011 are impressive, and have increased significantly in spite of the lingering economic threats of crises and sanctions.

    The session for the year 2011 - chaired by Mr. Khalid Hasan, was attended by members of the Board of Directors, and was adjourned on January 31st, 2012, after citing growth in annual profit by 3%, given net profit of 3.16 million Dinars, in comparison to 3.05 million Dinars from the year 2010.

    The minutes of the meeting, and the reports showed that the growth rate in written premiums increased by 24.10% to accumulate JD66,102,873 million dinars, compared to JD53,267,129 million for the year 2010. While on the other hand, last year's paid claims showed growth by 40.39%, reaching JD47, 036,129 million, against JD33,504,925 million paid back in 2010. In addition to that, the technical reserves ratio amounting to JD23,034,415 million, has been compared with the 19,886,749 million from the year 2010, and has shown an increase by 15.83%.

    Chief Executive Officer of AOIC Isam Abdul-Khaliq said, "We affirm on our positive outlook on the growth of the insurance sector in the region. And although we've successfully overcome and overtaken the political and financial challenges that would've hindered our progress, Arab Orient Insurance company's story of outstanding achievement and success is far from over, and will reflect positively on the sector's development".

    The Company's net profit before tax amounted to JD4,163,187 million, scaled a growth rate of 3.70%. And the annual financial statements showed an increase in the total assets of the company by 16.68%, reaching JD60,125,256 million. The company's shares in total equity have increased by 15.82%, amounting from JD19,957,697 million in 2010, to JD23,115,107 million by the end of 2011. The company has also achieved significant technical profit growth by 40%, accumulating JD 6,395,513 million.

    2011 also marked a general increase in the number of employees, the number of participants registered in the Crown Medical programme, group medical insurance documents, and company accounts, reaching 240 employees, 193,294,000 benefiting clients, 945 registered group insurance documents, and 3204 companies.

    Abdel-Khaliq added that, "The company's performance record over the past years is the result of cooperation and dedication of the highly qualified and skillful AOIC staff, committed to our proven strategy and goal specificities, to expand and better serve customers through an integrated market penetration strategy, of both domestic, and international new technologies to enhance and improve operations."

    AOIC now has 9 branches scattered throughout the Kingdom, and even today, as the company has been working on setting up customer service offices and posts in all the major hospitals in Amman, the firm has also launched several innovated products aiming at the delivery of truly distinctive services.

    Having also worked on the formation of strategic alliances with institutions of local and international insurance and reinsurance companies, AOIC has recently signed the largest portfolio of reinsurance in the Kingdom with a worldwide leading French-based company SCOR Global P&C.

    The company also won the title "Best Insurance Company in Jordan 2011" by the Global Banking and Finance Review". Moreover, AM BEST -The global rating agency has raised the credit rating of the company to become BBB +, while maintaining the strength of the company's financial solvency.

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