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Aman Records 326 Per Cent Profit Rise

DUBAI — Dubai Islamic Insurance and Reinsurance Company, or Aman, says that in the first three quarters of 2009 the company made a profit of Dh26.34 million — a rise of 326 per cent compared to the same period in 2008.

Aman has also reported a Dh 6.4 million profit within the last three months (Q3) specifically. Last year, losses reached Dh 21.1 million in Q3, due to the collapse of the global credit market.

Commenting on the new figures, Aman’s Chief Executive Officer and Managing Director Hussein Al Meeza said: “Aman’s performance over the past year resulted in considerable growth and an increase in the volume of insurance work. We believe this to be a result of Aman having focused more on the quality of business on the books, and the restructuring of our technical models in yielding positive technical results. Al Meeza says he expects a rise in profit of insurance operations and investments over the coming months, and that the financial results of the second quarter were encouraging despite the global crisis. —