Jordan International Insurance Company (JIIC)

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Jordan International Insurance Company started operating in 1996. Listed in Amman’s stock market since 1998 and partially detained by local entrepreneurs, the company has been underwriting both life and non life classes of business.

JIIC-Jordanie

By December 31, 2016 , JIIC posted 25.7 million USD in share capital for 35.1 million USD in shareholders’ equities and 56 million USD in assets.

In 2012, the company chose the strategic approach to withdraw from the motor business due to the huge losses sustained by this segment, an option that paid off eventually. The company’s portfolio has gradually gathered momentum with a net loss ratio that shifted from 196.6% in 2012 to 90.8% by December 31, 2016.

In a tight market where 24 companies are operating, JIIC reported 28.9 million USD in turnover by December 31, 2016, that is, 3.5% of the overall premiums written in the same year. It is considered as mid table company. Twenty years on after its establishment, the Jordanian insurer is specialized in health business with 69.2% of underwritten premiums, followed by fire with 16.3% and marine insurance with 6.5%.

Since 2012, the loss-making year by reference, the net result reported substantial recovery with a 12% peak of written premiums in 2015. This indicator shrank in 2016, displaying a rate of 5%.

JIIC started its third decade by tapping into new technologies. Providing better service to customers has become a strategic objective. This qualitative approach coupled with the steadily good results in recent years enabled the company to obtain a B+ rating with stable outlook from A.M. Best.

Mazen Darwazeh-JIICFaris Gammoh-JIIC
Mazen DarwazehFaris Gammoh
Chairman of the board of directorsGeneral manager

JIIC in 2016

Share capital
25 707 110 USD
Turnover
28 911 200 USD
Assets
55 972 230 USD
Shareholder’s equity
35 057 730 USD
Net result
1 434 670 USD
Net non life loss ratio
90.8%
Non life expenses ratio
9.1%
Net non life combined ratio
99.9%

Shareholding

United Group for Management & Consulting
12.224%
Sami Ebrahim Qamoua
6.612%
Social Security Corporation
6.417%
Qais Fouad
5.967%
Mazen Samih Taleb Darwazah
5.51%
Other shareholders
63.27%

Management

Chairman of the board of directors
Mazen Darwazeh
General manager
Faris Gammoh
Deputy general manager
Mahmoud Matarneh
Senior vice president, health
Lina Jeroshi
Vice president, health
Dara Habaybeh
Vice president, life
Ghadeer Bosheh
Vice president, marine
Suzan Kurdahji
Senior vice president, retail & SMEs
Ahmad Khasawneh

JIIC: main technical highlights (2012-2016)

In USD

 20122013201420152016
Gross written premiums
22 301 34914 758 12615 618 75218 161 36728 911 205
Written premiums net of reinsurance
8 774 5655 165 1845 942 4406 662 4759 353 458
Gross non life written premiums
21 527 34314 083 18714 897 95816 966 34527 486 439
Net earned premiums
10 869 5105 603 4965 780 1106 264 1257 992 573
Net non life earned premiums
6 093 0344 984 7825 546 6345 889 8877 617 649
Net incurred losses
10 793 4454 545 8175 090 0344 964 9627 133 591
Net non life incurred losses
11 980 7234 397 8854 980 6394 842 2576 920 079
Management expenses
1 140 6531 537 9611 527 9411 420 0901 563 927
Non life management expenses
1 047 7691 284 3711 982 5172 135 7022 499 016
Net non life loss ratio
196.6%88.2%89.8%82.2%90.8%
Non life management expenses(2)
4.9%9.1%13.3%12.6%9.1%
Net non life combined ratio
201.5%97.3%103.1%94.8%99.9%
Net result
-412 232940 6501 704 8342 268 5141 434 678
(1) The company widhdrew from motor insurance on 14/03/2012
(2) Expenses ratio = management expenses / gross written premiums

JIIC: evolution of premiums, losses and results (2012-2016)

In thousands USD

JIIC-Jordan technical highlights

JIIC: evolution of net non life technical ratios (2012-2016)

JIIC-Jordan non life technical ratios

JIIC: breakdown of turnover per class of business (2012-2016)

In USD

 201220132014201520162016 shares
Motor(1)
2 699 140131 4992 810---
Marine
2 233 4021 349 3711 327 9391 541 7061 881 1316.5%
Aviation
160 3311 527 9081 548 044132 346119 0860.4%
Fire and others
6 535 1243 132 8522 052 4644 823 8104 713 60116.3%
General third party liability
141 627108 886451 599385 157646 4272.3%
Personal accident
2 802184-1 759111 2670.4%
Health
9 754 9177 832 4879 515 10210 081 56720 014 92769.2%
Total non life
21 527 343 14 083 187 14 897 958 16 966 345 27 486 439 95.1%
Life
774 006674 939720 7941 195 0221 424 7664.9%
Grand Total
22 301 34914 758 12615 618 75218 161 36728 911 205100%
(1) The company withdrew from motor insurance on 14/03/2012

JIIC: net incurred losses per non life class of business(2012-2016)

In USD

 20122013201420152016
Motor(1)
6 252 624887 419-164 254-99 523-136 443
Marine
108 153175 00483 531122 374144 776
Aviation
----114 710
Fire and others
96 209-115 57434 144-27 87126 513
Third party liability
25 24358 0552 426-5 6468 569
Personal accident
4 3253863 432-98-
Health
5 494 1693 392 5955 021 3594 853 0226 761 954
Total
 11 980 723 4 397 885 4 980 639 4 842 257 6 920 079
(1) The company withdrew from motor insurance on 14/03/2012

JIIC: net loss ratios per non life class of business (2012-2016)

In USD

 20122013201420152016
Motor(1)
192.4%147.7%-731.7%--
Marine
40.3%74.7%63.7%51.9%59.4%
Aviation
----11487.8%
Fire and others
109.4%-155.0%36.8%-23.8%16.7%
Third party liability
52.1%147.0%13.6%-21.6%12.0%
Personal accident
84.9%174.4%48460.0%-83.1%0.0%
Health
225.8%84.1%95.1%88.1%94.9%
Total
 196.6% 88.2% 89.8% 82.2% 90.8%
(1) The company withdrew from motor insurance on 14/03/2012

Source: JIIC's balance sheets

Exchange rate
JOD/USD as at 31/12
2012
2013
2014
2015
2016
1.412430
1.417600
1.416470
1.415150
1.41637
JIIC-Jordanie

JIIC

Head office
First circle - Jabal Amman - PO Box 3253
Amman 11181 Jordan
Phone
(+962) 6 592 8206
Fax
(+962) 6 592 8232
E-mail
Website
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Sat, 18/11/2017 - 17:17
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