News & Event Details

The Board of Directors at GIG - Jordan endorsed the financial statement for the period ending 31 March 2019 at its second meeting for 2019 on the 25th of April 2019. 

The meeting was presided over by the Chairman, His Excellency Naser Al Lawzi and attended by members of the board in addition to the CEO Dr. Ali Al Wazaney.

Mr. Lawzi announced that the results came in line with the expectations. Technical profit amounted to JOD 2.98 million whilst the profit before tax reached JOD 2.620 million at a growth rate of 77% compared to 2018 . The net profit after tax reached JOD 1.974 million.

 

Dr. Al Wazaney added that the written premiums reached JOD 29.2 million compared to JOD 29.9 million for the same period in the previous year  with a drop of 2.4%.Claims paid were JOD 16 million compared to JOD 21.6 million for the same period in the previous year with a drop of 26%. This reflected positively on the technical results of the company.

 Moreover, the company was able to decrease the General and administrative expenses to net premium earned ratio from 28% on 31 March 2018 to 23% in the first quarter of 2019.

 

This also contributed to the decrease of the combined ratio from 91% to 79% for the same periods mentioned above.