UAE’s insurance firms hold one-third of profits in GCC

Profits of 26 Emirati insurance firms reached $98.16mln

Image used for illustrative purpose. Close-Up Of Objects On Desk In Office.

Image used for illustrative purpose. Close-Up Of Objects On Desk In Office.

Gettyimages/ Sarinya Pinngam / EyeEm

Dubai – Ubhar Capital, a financial services company based in Oman, revealed that the UAE’s insurance companies have topped the GCC firms in terms of profitability with a share of 30%, Al Bayan newspaper reported.

Profits of 84 insurance companies in the Gulf region amounted to $324.27 million in the first quarter of 2019, up 5% year-on-year from $308.7 million, data showed.

Meanwhile, profits of 26 Emirati insurance firms reached $98.16 million, according to Ubhar Capital.

Furthermore, 32 Saudi insurers made up $53.69 million out of total profits, while the profit share of seven Kuwaiti insurance firms stood at $50.67 million.

The profits of seven Omani companies accounted for $19.53 million out of total insurance firms in the GCC, while four Bahraini firms posted profits of $8.22 million.

Source: Mubasher

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