News MiddleEast31 May 2018

UAE:Insurance sector sees 21% profit surge in 1Q

| 31 May 2018

The insurance sector in the UAE has registered an overall top line growth of 6% while net profits have notably increased by 21% to AED568 million ($155 million) in the first three months of this year from AED469 million in the corresponding quarter in 2017, according to the Q1 2018 Performance Periodical by Insurance Monitor.

The first-time application of IFRS 9 and the introduction of value added tax from 1 January 2018 are among some of the key changes faced by insurance companies in 1Q2018.

The first quarter also saw a decrease of AED257.7 million in the total net assets of 29 insurers from AED16.47 billion at 31 December 2017 to AED16.22 billion at 31 March 2018 that is likely to be on account of dividend payout and prior period impact of IFRS 9 routed to equity.

While overall performance of the sector appears strong, at least 14 out of 29 insurers recorded a decline in gross written premium.

 

 

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