Arab Orient Insurance Company

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JOD4.1 million is the net profit of gig |Arab Orient Insurance in 201...

The Board of Directors of gig|Arab Orient Insurance held its first meeting for the year 2014 on 27.1.2014 headed by the Chairman, HE Eng. Nasser Al Lozi, in order to approve the financial statements of the company for the year 2013; all data and statements were approved unanimously.

The Chairman, Eng. Al Lozi declared that the company has achieved the best results ever. Besides, the company has maintained a leading position in the local market whether in terms of premiums’ size which reached over JOD 86 million compared to JOD 77.5 million in 2012, with a growing percentage of 11%, or in terms of profits that reached JOD 5.4 million before tax deduction, and a net profit after tax deduction of JOD 4.1 million compared to JOD 3.3 million in 2012, with a growing percentage of 22%.

Eng. Al Lozi added that, despite the critical economic situation locally and regionally, the company managed to increase its assets to become JOD 83.5 million compared to JOD 70 million in 2012, with a growing percentage of 18%. The company's investments also increased with a growing percentage of 23% to reach JOD 31.9 million compared to JOD 26 million in 2012.

He also commented: "The excellent results achieved in such a tough year came to be the outcome of great efforts by the executive management and the company's staff under the leadership and guidance of the Board of Directors; this is the best proof of the expertise and reputation that gig|Arab Orient Insurance enjoys. We never hesitated to give each their right, whether policyholders, beneficiaries or employees; and here resides the secret of our success formula.

The Chairman also extended his deep thanks and appreciation to the shareholders, also the Board of Directors has approved the placement of the General Assembly meeting, which will be held in 03/30/2014. The cash profits will be distributed in an amount of 7% for the shareholders, in addition to distributing free shares' profits of 7%, thus the total distribution reach 14% for the financial year 2013. The Chairman has stated that the shareholders' equity at the end of the year have risen by 11% to reach JOD 28.3 million compared to JOD 25.5 million in 2012.

Mr. Isam Abdelkhaliq, the CEO of gig |Arab Orient Insurance, declared that 2013 was full of challenges; however the achievements were even bigger. The company has realized profits of JOD 6.3 million in the year 2013, and a collection amount of more than JOD 83.5 million despite the lack of liquidity in the local market. He also highlighted that the company is moving forward with a goal to improve the business and enhance employees' capabilities; nothing will set the company apart from excelling, not only locally, but also regionally and internationally in the coming five years.