UAE insurers' profits to stay good in short, medium term.

UAE insurers will continue to demonstrate good profitability in the short to medium term as total gross premiums written by firms in the third quarter of 2019 grew 10 percent to Dh18.8 billion compared to Dh17.1 billion in the same period last year.

Of the 30 companies considered, 18 displayed an increase in premiums while 12 saw a decline, Badri Management Consultancy said in its quarterly report.

The written premium of the top five companies amounted to Dh10.6 billion, which makes up 57 percent of the market share for the third quarter. Adnic, Orient and OIC have maintained their positions in the top ranks.

Total net earned premiums written by listed insurance companies in the three-month period stood at Dh7.28 billion, a decrease of 0.8 percent from Dh7.34 billion in the corresponding period of 2018.

The earned premium of the top five companies was Dh4.1 billion, which makes up 56 percent of the market share.

Profit growths have declined over the period. In the third quarter of 2018, profit for the listed companies was at Dh1.42 billion; the current quarter resulted in profits of Dh1.37 billion, a 3 percent decline from the corresponding period of 2018.

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