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Aman 2010 profit inches up 3%

Aman assets rose to Dh524.8 million during the year ended December 31 2010 (FILE)

By Staff

Dubai Islamic Insurance and Reinsurance Company (Aman) recorded a net profit of Dh21.18 million in 2010 compared to Dh20.57 million reached in 2009 - a rise of 3 per cent.

The company’s net operating profit has grown by 65 per cent in 2010, reaching Dh22 million compared to Dh13.4 million in 2009. By the end of December 31, 2010, the company’s income grew 23 per cent to Dh611.1 million compared with Dh495.8 million during 2009.

The company’s equity recorded a 4.7 per cent increase in 2010, reaching Dh175.3 million compared to Dh167.5 million in 2009. The assets of the company also rose to Dh524.8 million during the year ended December 31 2010, an increase of 2.3 per cent, compared with Dh513 million by the end of 2009.

Hussein Al Meeza, CEO and Managing Director, said: “The economic downturn has meant that 2010 has been one of the most difficult years for insurance companies. Our ability to maintain revenue streams and increase profits is a major achievement for Aman Insurance. It’s a testament to our model of high performance and sustainability.

Our aim this year is to consolidate the gains achieved by the company and focus on our core business in the insurance sector, maintaining good profits and safeguarding the rights of shareholders in the midst of challenging economic changes in the markets,” he added