The combined net profits of 28 insurance companies listed on bourses in the UAE surged by 34.2% for 1H2017 to AED764 million against AED569 million for the corresponding period last year.
Market analysts attributed the improved profitability in the insurance sector to the success of eight insurers which turned around their operations from losses to gains for the first six months of the year, reported Gulf News.
In more detail, profits of 16 insurance companies listed on the Abu Dhabi Securities Exchange (ADX) amounted to AED363 million for the first half of the year, representing an increase of 8.6% from AED334 million in the same period last year.
Meanwhile, at the Dubai Financial Market, profits of 12 listed insurance companies jumped by 70.6% to AED401 million during 1H2017 compared to AED235 million during the same period last year.
The seven listed Islamic insurers also posted impressive growth for 1H2017. Three takaful operators listed on the ADX bagged net profits of AED40.4 million, a growth of 59% from AED25.4 million during the same period last year.
On the Dubai bourse, profits of four takaful insurance companies hit AED12.4 million, a turnaround from losses of AED155 million sustained during the same period last year.
For the whole of 2016, listed insurance companies in the UAE posted profits of AED 1.15 billion, against losses of AED117.2 million for 2015.