Arab-German Insurance Company held its annual General Assembly meeting on Sunday May 6, 2007 to announce its financial results according to their submitted budget which was for the second half of 2006. The budget report came after the merger between the Arab-German Insurance Company and Al-Basma Corporation. The merger had a considerable impact in strengthening the financial position of AGI and raising the capital in accordance to the Insurance Commission regulations.
At the General Assembly, Mr. Raed Al-Raimouny, General Manager of AGI, announced the gross premiums written in 2006, which amounted to 16,022,151 Jordanian Dinars. This was a remarkable increase compared to 2005 in which gross premiums amounted to a total of 10,152,566 JDs, giving way to an increase of 57%.
The technical profit for the period from July 1st till December 31st 2006 was 175,843 JDs. Meanwhile the profit before taxes for the same period amounted to 611,453 JDs and after taxes and expenses deduction the profit rested at 388,303 JDs.
Mr. Raed Al- Raimouny added: “This year’s results showed a remarkable increase in total premiums in line with our presented budget forecast, which was submitted to cover a duration of six months (second half) of 2006”.
He continued to add: “The fact that these results were only for six months is extremely important because it reflects AGI’s achievements compared to other companies that review their results for the entire year. Therefore, it is evident that AGI’s results were above the average for insurance companies in Jordan”.
In comparison to last year’s results, the compensation paid in 2006 amounted to 16,071,757 JDs, compared to 2005 paid compensation which amounted to 5,707,965 JDs. On the other hand the amounts of shareholders profits for 2006 totaled 11,332,500 JDs, whereas in 2005, the profits totalled at 6,816,543 JDs. The total company’s investments amounted to 10,467,539 JDs in 2006 as opposed to the 8,808,229 JDs in 2005.
Commenting on the merger Mr. Al- Raimouny added that it is evident that the merge with Al-Basma Corporation yielded excellent results, as AGI’s capital reached 10,400,680 JDs. It is important to note that the company’s capital increased twice during 2006, the first was during the first half of the year 2006 from 5,800,000 million JDs to 7,192,000 JDs, and the second came in after Al-Basma Merger in the second half of the year.
Mr. Al- Raimouny added that in addition to these distinctive profits and rising capital, the Arab-German Insurance Company’s technical additions have introduced new types of insurance including travel insurance. Next year, AGI plans to add other types of insurance services including Consumer Credit and Trade Credit.
The General Manager also addressed the company, thanking the staff and acknowledging the fact that they were the benefactors of the success achieved by the company. He applauded them for their dedication as well their perseverance and great work.
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Arab German Insurance Company:
Established in 1996, AGI is one of the leading insurance companies in Jordan. AGI has gained its success through its experienced team of underwriters and extensive experience in the Jordanian insurance market providing different types of insurance services. AGI Provides the following types of insurance: Motor, Fire & Allied Perils, Industrial All Risk and Householder Insurance as well as All Engineering Classes, Liability and General Accidents, Marine Hull, Aviation and Cargo, Life and Medical Insurances including self -funded Third Party Medical Administration Services.
