News & Event Details

The Board of Directors at gig - Jordan endorsed the financial fiscal statement for the period ending on the 31 30th March June 2019 at in its second fourth annual meeting for 2019 on the 25th 28th of April July 2019. The meeting was presided by the chairman his Excellency Naser Al Lawzi head of board of directors and attended by members of the board in addition to the CEO Dr. Ali Al Wazani.

Mr. Lawzi announced that the outcomes results for the first half of 2019 came in line with the expectations. Technical profit The subscriptions’ profit amounted to JOD 4.632.98 million JODs whilst the profit generated before taxation reached JOD 2.6204.28 JODs at a growth rate of 77%83% than compared to the same period of year 2018 and the . The net profit for this period after taxation deduction reached JOD was 1.9743.37 million JODs.

Dr. Al Wazani added that the written premiums written were reached JOD 29.249.58 million JODs compared to JOD 29.951.27 million JODs for the same period in the year before with a drop of 2.43.3%. Claims Compensations paid were JOD 16 30.27 million JODs compared to JOD 21.637.70 million JODs for the same period of the year before with a drop of 2620%. This reflected positively on the technical results substantive outcomes of the company. Moreover, the company was able to decrease the General and administrative and general expenses costs to the net premiums earned ratio from 28% in 31 March 2018 to 23% in the first quarter of 2019by 6% as of the first half of 2019 compared to the same period of last year. This also contributed to the decrease of the combined ratio consolidated loss from 9196% to 8579% for the same periods mentioned above.

On the other hand, despite the fact that during January 2019 the company paid part of the subordinated loan of JOD 2.6 million to the parent company, the company company was able to increase its Bank deposits by JOD 5.51.6 million JODs at by the end of the first half quarter of the year. The total cash and deposits amounted to JOD 46.151.6 million JODs, which represent 4447% of the total assets of the company and enhances its solvency margin.

The company continues to develop its services, insurance products and investment in technological facilities as well as enhancing the technical abilities of its employees in order to improve the revenue indicators and profitability for the customers and shareholders. In addition, the company managed to decrease its liabilities to creditors from JOD 75.67 million as at 30/06/2018 to JOD 74.81 million as at 30/06/2019. Shareholder’s equity increased from JOD 23.25 million on 30/06/2018 to JOD 26.48 million on 30/06/2019 reflecting positively on the book value per share which increased from JOD 1.08/share to JOD 1.23/share.

It is noteworthy that the Arab Orient Insurance Company is a member in Gulf Insurance gig Group, which is located has branches in various Arab and regional countries. The company has managed to maintain its rating classification for the year 2018 with the A.M Best rating agency Classification Company . Its insolvency strength has been rated as B++ . its credit rating was bbb in 2018. as where the company's financial strength rating reached B ++ and its long-term issuer credit rating was bbb in 2018.