Aman achieves 32 per cent increase in profits in Q4 2010

Dubai - 18 January 2011: Dubai Islamic Insurance and Reinsurance Company (Aman), has announced a 32 per cent increase in profits in Q4 2010 compared to Q3 of the same year. The company has also recorded a net profit of AED21.18 million in 2010, a rise of 3 per cent compared to the AED 20.57 million reached in 2009.

The company's net operating profit has grown by 65 per cent in 2010, reaching AED 22 million, compared to AED 13.4 million in 2009. By the end of 2010 the company's income has grown by 23 per cent, to reach AED 611.1 million, compared with AED 495.8 million during the same period in 2009.

The company's equity recorded a 4.7% increase in 2010, reaching AED 175.3 million compared to AED 167.5 million in 2009. The assets of the company also rose to AED 524.8 million during the year ended December 31 2010, an increase of 2.3 per cent, compared with AED 513 million by the end of 2009.

CEO and Managing Director Mr. Hussein Al Meeza said: "The economic downturn has meant that 2010 has been one of the most difficult years for insurance companies. Our ability to maintain revenue streams and increase profits is a major achievement for Aman Insurance. It's a testament to our model of high performance and sustainability.

Our aim this year is to consolidate the gains achieved by the company and focus on our core business in the insurance sector, maintaining good profits and safeguarding the rights of shareholders in the midst of challenging economic changes in the markets," he concluded.

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© Press Release 2011

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