AMMAN: Reflecting a remarkable performance, the investments of Arab Orient Insurance Company (AOIC) increased to JD42.6 million at the end of March 2015. According to unaudited financial statements covering the first quarter of this year, bank deposits accounted for JD35.4 million of the total, with the remaining JD7.2 million spread over financial assets at fair value.
Notes to the balance sheet showed that the cash in Jordanian dinars was deposited in 12 local banks for periods ranging between six months and one year, carrying 3.5-4.75 per cent interest rates during the first quarter of 2015. The interest rates ranged between 3.25 – 5 per cent in 2014, down from 5.50 – 6.75 per cent in 2013. Of the total bank deposits, JD0.2 million were restricted as a legal requirement to the order of the director general of the Insurance Commission (IC) .
The financial assets at fair value comprised the shares of Cairo Amman Bank, Amad Investment and Real Estate Development, Afaq for Energy, and Afaq Holding for Investment and Real Estate Development. By contrast, the investments during the first quarter of last year amounted to JD38.8 million, of which JD33.7 million were deposits in banks and JD5.2 million were financial assets at fair value.
Financially, the income statement as of March 31, 2015 showed that AOIC increased net profit during the first quarter of this year by 50 per cent to JD2.7 million, compared to JD1.8 million at the end of March 2014.During the first three months of this year, gross written premiums totalled JD35.2 million, 30.4 per cent higher than the JD27 million posted during the same period of last year.
