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Arab Orient net up to Dh186m

By CL Jose

The Dubai Financial Market-listed Arab Orient Insurance Company (AOIC) has recorded 24 per cent growth in its net profit to Dh186.029 million for 2009 although the industry faced one of its toughest years in recent times.

During the period, while the total assets grew from Dh1.778 billion to Dh1.874bn, the shareholders' equity (net worth) of the company posted a 25 per cent growth from Dh600m to Dh748m.

The total insurance premium revenue went up from Dh900m to Dh992.111m whereas the total underwriting income fell marginally from Dh376.983m to Dh372.05m during the year.

With the total underwriting expenses of the company having grown marginally from Dh241.429m to Dh261.49m, the net underwriting income witnessed a marginal decline from Dh135.554m to Dh110.56m as of end-December 2009.

Investment income this time has been a marked contributor to the performance of the company.

The total investment income grew multifold from a mere Dh12.781m in 2008 to Dh72.622m for the year ending December 31, 2009. The company's interest income has gone up from Dh32.703m to Dh44.347m during the period.


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