Aman records 326 % profit increase in Q3 of 2009

Focus on quality of ‘business on the books’ leads to higher profits throughout 2009

Dubai Islamic Insurance and Reinsurance Company (Aman) says it that in the first three quarters of 2009 the company made Dhs 26.34 million in profits; a rise of 326% compared with the same period in 2008.  Aman has also reported a Dhs 6.4 million profit within the last three months (Q3) specifically.  Last year, losses reached Dhs 21.1 million in Q3 due to the collapse of the global credit market.

Commenting on the new figures, Aman’s CEO and Managing Director Mr. Hussein Al Meeza says:
“Aman’s performance over the past year resulted in considerable growth and an increase in the volume of insurance work. We believe this to be a result of Aman having focused more on the quality of business on the books, and the restructuring of our technical models in yielding positive technical results.

Mr. Al Meeza says he expects a rise in profit of insurance operations and investments over the coming months, and that the financial results of the second quarter were encouraging despite the global economic crisis that led to a drop in economic activities as well as the value of financial investments.