Aman reports DH 4.5 million net profit in the first quarter of 2007

Net profit for the first quarter rose to DH 4.5 million, the technical profits to DH 6.4 million.

The total underwritten instalments for all insurance categories in quarter one amounted to DH 81.5 million, compared to DH 34.8 million in quarter one in 2006 with a rate increase of 134%, representing 40% of the projected underwritten instalments for the whole 2007. Growth in the interim budget amounted to DH 44.8 million; with 122% rate increase.

The first quarter results reviled that until 31/03/2007, surplus reserve amounted to DH 19.5 million compared to Dh 16 million at the end of 2006 budget. The total insurance operational profits increased to DH 12.7 million compared to DH 9.6 million for the same period last year, the net profit of the insurance operations increased to DH 6.4 million compared to DH 4 million for the same period last year, representing 7.8% of the total underwritten instalments compared to 5% in 2006.

Aman's assets at the end of quarter one reached DH 479.8 million compared to DH 413 million in 2006 with an increase of 16%. Technical reserves reached DH 163.1 million compared to DH 126.5 million in 2006 with an increase of 28%, while the total investments of the company increase from DH 240.3 million in 2006 to DH 295.5 million by the end of the first quarter.

Commenting on these excellent results Mr. Hussein Mohammed Al Meeza, Managing Director of Aman said, "With God's blessing Aman continues its expansion plans and enhances its presence in the local and regional insurance markets, and provides the best possible service. Aman is committed to Sharea complaint Takaful insurance, and recruited international high calibers to achieve its objectives. The first quarter results reinforces our reputation for delivering consistent returns to our shareholders".

It is essential to mention here that Aman has increased the capital of the company from AED 60 to AED 200 million over the last three years to support its expansion plans locally and regionally and to enhance its capabilities in the wake of the incense competition in the insurance markets. It recently signed a technical aid agreement with Kuwait based Bubyan Takaful Insurance Company to provide operational and management assistance and also won an approval from Bahrain Central Bank to establish Aman Bahrain.