Jordan Insurance Company (JIC)

Founded in 1951 by a group of businessmen, Jordan Insurance Company (JIC) is regarded as a pioneer of the insurance business in Jordan.

As of 1958, that is, seven years after its creation, the company has expanded its activities in Kuwait and the United Arab Emirates.

Today, in a very tight market where twenty-eight companies are operating, JIC has managed to double its turnover over the past five years and to triple its share capital in a decade. With nearly 57 000 000 USD of premiums in 2009, JIC stands, along with Arab Orient and Middle East Insurance, as one of the market 's leading insurers.
The company which underwrites life and non life business has managed to build a stable portfolio dominated by motor, fire and life insurance.

Imad Abdel Khaleq
General manager

Despite a very difficult 2007 and a slowing growth in 2009, JIC has succeeded in maintaining the confidence of its traditional reinsurers which are Munich Re, SCOR, CCR, Allianz and Mapfre.

The company 's performance and reputation have even prompted Munich Re to establish a strategic partnership with JIC by acquiring 10% of its capital.

Jordan Insurance Company in 2009

Paid up capital
42 611 100 USD
Turnover
56 598 951 USD
Shareholder's equity
68 377 741 USD
Total assets
101 601 746 USD
Technical result
6 593 122 USD
Net result after tax
4 270 114 USD
Loss ratio
59.2%
Combined ratio
110.32%
Number of branches
4 (Dubai, Sharjah,
Abu Dhabi and Kuwait)
Number of employees
221

Management

General manager
Imad Abdel Khaleq
Deputy general manager
Mustapha Darhbour
Deputy general manager, technical operations
Jawad Janeb
Deputy general manager, life and medical department
Mazen Nimri
Deputy general manager, marketing and production
Omar Abuhassan
Deputy general manager, marine department
Najeeb Anani
Financial department manager
Eyad Belbeasi

Main shareholders

Othman M. Bdeir
19.03%
Munich Re
10.00%
Al Maseera Investment Co.
6.65%
Mithkal Shawkat & Sami Asfour Co.
6.29%
Other shareholders
58.03%

Main technical highlights: 2005-2009

in USD
 20052006200720082009
Gross written premiums
31 762 49039 072 22748 202 74054 671 10456 598 951
Written premiums*
19 444 89921 500 60026 157 85625 525 84526 700 406
Net earned premiums
19 049 96220 413 72624 198 38125 305 78726 684 390
Gross incurred losses
15 934 83120 075 76821 901 92922 136 76227 906 208
Net incurred losses*
12 168 97411 696 92715 257 39615 268 18915 798 278
Net loss ratio
63.9%57.3%63.1%60.3%59.2%
Management expenses
20 714 10221 216 51938 634 22726 262 33428 931 224
Technical results
3 049 8014 433 3034 722 6996 522 8396 593 122
Pre-tax results
31 225 4242 901 249- 6 473 90113 592 0785 567 304
Net results after tax
27 038 5792 085 338- 7 688 38712 065 2454 270 114
* Net of reinsurance

Evolution of premiums, losses and results

in thousands USD in thousands USD

Turnover 's evolution per class of business: 2005-2009

in USD
 200520062007200820092009 shares08/09 growth
Non life
Motor
15 319 10017 255 13721 054 88619 353 59620 197 39435.7%4.4%
Health
2 632 4602 870 0603 644 4794 647 6665 786 18410.2%24.5%
Fire
7 181 35710 419 38411 536 14215 454 49415 192 49326.8%-1.7%
Marine 
2 796 1553 822 2624 497 1005 285 6264 143 3407.3%-21.6%
TPL
685 1641 188 3002 246 4132 249 9402 211 1603.9%-1.7%
Misc. acc.
578 335338 890354 987346 194335 2190.6%-3.2%
Total non life
29 192 571 35 894 033 43 334 007 47 337 516 47 865 790 84.5% 1.1%
Life
Life
2 569 919 3 178 194 4 868 733 7 333 588 8 733 161 15.5% 19.1%
Grand total
31 762 49039 072 22748 202 74054 671 10456 598 951100%3.5%

Breakdown per class of business 2009

Ratios' evolution: 2005-2009

Exchange rate
JOD/USD as at 31/12
2005
2006
2007
2008
2009
1.42146
1.42045
1.42389
1.42615
1.42037

Contact

Head office
3rd circle - Amman
P.O. Box 279 Amman 11118, Jordan
Phone
(+962) 6 4634161
Fax
(+962) 6 4637905
E-mail
allinsure [at] jicjo [dot] com
Website
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