Arab Orient Insurance Company

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The General Assembly of Arab Orient Insurance Company decides to distr...

Amman, Jordan 31/3/2014

Arab Orient Insurance Company held the ordinary and extraordinary General Assembly meeting for the year 2013, on 30/03/2014 at the headquarters in Jabal Amman, in order to consider the matters of the meeting's agenda and discuss the company's approved financial statements for the year 2013.

The meeting was attended by His Excellency Mr. Naser Lozi; the Chairman, Mr. Isam Abdelkhaliq; the CEO, the Representative of Companies' Control Department, the Representative of the Insurance Commission and the External Auditor, in addition to five members (out of seven) of the Board of Directors, and a number of shareholders representing 95.6% of the total shares of the company.
The General Assembly has decided to distribute 7% of the company’s capital as cash dividends amounting to JD 1,402,502 and to distribute bonus shares amounting to 1,402,502 Shares/Dinar to be capitalized, these shares represent 7% of the company’s capital amounting to JD 20,035,750 and after that the capital will become 21,438,252 Shares/Dinar.

His Excellency Mr. Naser Lozi; the Chairman, has declared that "In spite of the challenges the company has faced in the year 2013, the year witnessed great achievements. The results of 2013 were satisfying despite the global economic crisis and the financial problems of the regional markets due to the political instability in the Arab region, compared with what Jordan enjoys of political and economic stability, wishing Jordan continuous steadiness and progress".

He added: "The annual profits grew by 22% in which the annual net profits reached JD 4.083 million, compared with JD 3.344 million in the year 2012, and written premiums increased by 10.9% to reach JD 86,019,536, compared with JD 77,585,752 in the year 2012. Also, the total assets reached JD 83,614,187 compared to JD 70,992,812 in the year 2012 with a growth rate of 18% compared to the previous year.

The cash and deposits at banks have reached JD 32,236,277 compared to JD 26,631,138 in the year 2012 with a growth rate of 21.05%. The total technical provision has reached JD 32,757,240 compared to JD 29,139,266 in the year 2012 with a growth rate of 12%. Besides, the year 2013 has witnessed a marked increase in the number of the company's employees to reach 266 employees, and the number of participants in the “Crown” Medical Program has reached 263,595 subscribers.

Isam Abdelkhaliq; the CEO, commented on the results saying: "The successful journey of Arab Orient Insurance Company is a clear evidence of our determination to develop this industry and to improve Insurance services. Our strategies are based on distinguishing our clients through integrated insurance services". Mr. Isam Abdelkhaliq also declared that the company’s future plans are supported by the integrated experiences and competencies of the Gulf Insurance Group which are based on solid foundation exploiting all ways to improve individual services in particular and support the macro economy in general.

He also said that the rapid and powerful change in the Jordanian market will encourage the Jordanian insurance companies to adopt strategic and innovative ways to maintain market shares. We are sure that the market share of the companies will witness evolution, especially companies that are capable of offering new innovative products and improving customer service will earn a major share of insurance operations in the Kingdom.