Arab Orient Insurance Company

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Net profits of gig │ Arab Orient Insurance are JOD 5 million and pre...


The Board of Directors of gig | Arab Orient Insurance held its first meeting for the year 2015 on Tuesday 27/01/2015. The Board Members have approved the financial statements of the company for the period that ended on 31/12/2014. Moreover, they decided to suggest to the General Assembly of the company to distribute cash dividends of 10% of the capital and to retain the rest of the profits. The Chairman, Mr. Naser Lozi declared that the company's operations during the year 2014 exceeded expectations by all standards where written premiums reached JOD 95 million compared to JOD 86 million in the year 2013 with an increase of 10%. The net profit before tax and reserves reached JOD 6.4 million compared to JOD 5.4 million in the year 2013, with an increase of 22%. The net profit after tax reached JOD 5 million compared to JOD 4 million in the year 2013, with an increase of 23%. The company's assets increased by JOD 10.42 million until the end of the year 2014 to reach JOD 94 million compared to JOD 83.6 million at the beginning of the year with an increase of 12% compared to the year 2013. The bank deposits increased by JOD 6.13 million, with a growing percentage of 22% compared to last year to reach JOD 33.65 million. Mr. Lozi added that the company persists to develop future plans aiming at increasing production and adding new insurance products that serve citizens and protect their health and properties in a safe manner provided by the most credible and leading company in the market.  

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On the other hand, Mr. Isam Abdelkhaliq, the CEO of gig | Arab Orient Insurance declared that the outstanding results came in harmony with the constant efforts of the company's staff, despite the deteriorating economic situation in the region.

 

He added that the company paid over JOD 70.7 million as claims amounts without affecting the liquidity ratio or the company's profitability. Besides, the company hasn't used the fixed deposits, which have increased by over 22% compared to the beginning of the year. This makes gig | Arab Orient Insurance the best choice and the safest option for enterprises, corporations and institutions; it also enhances its profitability, productivity and financial solvency in the local market.

 

 

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