Arab Orient Insurance Company, 89.91% owned by Gulf Insurance Group (GIG), has closed the year 2021 with a 12.1% turnover increase. Written premiums rose from 82.2 million JOD (115.938 million USD) as of 31 December 2020 to 92.1 million JOD (129.902 million USD) one year later.
Such performance allowed the company to maintain its leading position in the Jordanian insurance market [4].
The annual net profit of 5.1 million JOD (7.2 million USD) decreased by 10.5% compared to 5.7 million JOD (8.04 million USD) in 2020.
Another highlight of the past year is that in November 2021 the insurer acquired 74.8% of the capital of Arab Life and Accident Insurance Company.
Within the framework of this operation, Arab Orient Insurance Company has increased its share capital by 4 million JOD (5.6 million USD) to reach 25.4 million JOD (35.8 million USD).