Abu Dhabi and Dubai Financial Services posted a net profit of 34% in the first half of 2017. 28 companies posted a net profit of AED 764 million, compared to AED 699 million in the first half of 2016. (USD 3.67).
The return of national insurance companies in the UAE to achieve profitability supported by the success of 8 companies operating in the sector to convert losses during the past year to profitability with the end of the first six months of this year as well as the growth of a large segment of companies listed within the same sector.
Financial analysts said the overall performance of national insurers was good at the beginning of 2017 because of the restructuring of a large number of them and their portfolios were able to achieve acceptable profitability as a result of investing in financial markets, which witnessed the improvement in the prices of many shares.
The profits of 16 insurance companies listed on the Abu Dhabi Securities Market rose to AED 363 million in the first six months of this year, a 9% increase compared to AED 334 million in the first half of 2016.
In the Dubai Financial Market (DU: DFM), the profits of 12 listed insurance companies jumped 71% to AED 401 million in the first half of this year, compared with AED 235 million in the comparable period of 2016.
The insurance sector analysis showed the positive performance shown by the 7 listed Takaful insurance companies. The net profit of 3 listed companies in Abu Dhabi grew by 59% from AED 25 million to AED 40 million by the end of the first half of this year.
In the Dubai Financial Market, the profits of 4 insurance companies Tkafli 12 million dirhams in the first half of this year after losing about 155 million dirhams in the same period in 2016.
National insurance companies listed in the financial markets account for 46% of the total premiums in the UAE, according to the latest statistics that monitor the performance of the sector.
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