21% Growth in Profits for insurance companies in Dubai 2020

CNBC monitored an increase in the total value of profits made by the UAE insurance companies listed in Dubai by 21% over the past year, which is evidence that these companies have benefited from the repercussions of the “Covid 19” outbreak.

The network conducted a survey in which it compared the net profits achieved by insurance companies in Dubai at the end of 2020 compared to the end of 2019.

The comparison showed that the insurance companies in the emirate achieved a combined profit of 800 million dirhams over the course of 2019, while it achieved 1.004 billion in 2020, an annual increase of 21%.

The comparison also reported that these companies recorded a combined profit of 114 million dirhams for the fourth quarter of 2019, while they achieved 117 million dirhams in the fourth quarter of 2020, that is, they recorded an increase of 3%.

In terms of combined revenues, companies achieved 12.8 billion dirhams in 2019, while they earned 13.3 billion dirhams in 2020, recording an increase of 4%.

The comparison also reported that “Orient” led the insurance companies in Dubai in the value of net profits for 2020, as it gained a net profit of 414 million dirhams, recording an increase of 0.2%, compared to its net profit in 2019, and “Orient” accounted for a market share of 32% of total revenues. Dubai insurance companies in the last year.

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