The Arab Orient Insurance Company (AOIC) recorded net profits of 30.02 million Emirati dirhams ($8.17 million) in the year 2002, a 9.57 percent fall compared with the Dh33.2 million earned in the previous year. The company has a paid up capital of Dh50 million.
While premium income rose to Dh165 million in 2002, from Dh139 million in 2001, interest income dropped to Dh7.63 million from Dh16.34 million in 2001. At year-end 2002, AOIC’s reserve position stood at Dh127.41 million, up 19 percent year-on-year.
Established in 1982 as part of the Al-Futtaim Trading Group, the firm handles all types of General Insurance including Fire, Marine (cargo and hull), Motor, Contractors, All Risks and other miscellaneous insurance as well as Group Life Cover. Based in Dubai, United Arab Emirates (UAE), AOIC operates branches in Bur Dubai, Abu Dhabi, Sharjah and Al-Ain. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
