News & Event Details

The board of directors at Arab Orient Insurance Company gig group Jordan, has approved the fiscal statements for the period that ended on 31st December 2018 on its first annual meeting of the year 2019 . the meeting was presided by his excellency Mr. Nasser Lawzi , the chairman of board of directors, and attended by the board members in addition to the Chief Executive Officer Dr. Ali Wazani.

The chairman of Board of Dirctors Mr. Naser Lawzi announced that the business of the company for 2018 was quite well. The company managed to restore its course of generating profit , and the subscription profit amounted to 6.18 million JODs. The pre-taxation profit reached 4.2 million JODs and 3.213 million JODs after taxation.

Dr. Al Wazani added that the written premiums have amounted to 2.85 million JODs compared to 4.95 million JODs for the same period last year at a decrease of %11 . Meanwhile the compensations paid reached 2.69 million JODs compared to 94 million JODs for the same period of 2017 at a decrease of %26 according to the fiscal statements of the company. This reflects positively on the substantive results of the company.

On the other hand, the Bank's cash and bank deposits rose by 5.6 million JODs since the end of 2017 to 49.6 million JODs representing 49% of the company's total assets. This was accompanied by a decrease in the volume of creditors from 12.5 million JODs at the end of last year to 6.2 million JODs for the same period and a decrease in net accounts receivable from 31.2 JODs to 24.9 million JODs at the end of 2018.

This remarkable improvement in the company's operating performance and its financial position has led to the increase in the solvency margin to the extent that the company has not witnessed since 2011. This enabled the company in January 2019 to pay 2.6 million JODs of the subordinated loan from the parent company to decrease its balance to 9 million JODs

It is worth of mention that Arab Orient Insurance Company is a member of the Gulf Insurance Group, which is located in several Arab and regional states. The company managed to maintain its 2018 rating according to the international rating agency A.M Best, with a rating of B + + and a credit rating of bbb in 2018.