Jordan: Solidarity increases profit by 15% in 1H2024
Source: Middle East Insurance Review | Sep 2024
Solidarity – First Insurance Company (Solidarity-First) announced that its profits before tax for the first half of 2024 amounted to JOD1.9m ($2.7m), a growth rate of 15% compared to the corresponding period of the past year. The company announced that the results of the first half of 2024 were conducted in accordance with IFRS17, making it the first operator in Jordan to disclose its mid-year financial statement in accordance with the new accounting standard.
Solidarity-First CEO Alaa Abdel-Jawad said that the company was able to maintain the strength of its financial position, as it achieved remarkable growth in all financial indicators for the first half of 2024, including a growth in insurance revenues by 17% and a growth in net profits after tax by 30% compared to the same period in 2023. “The company was also able to achieve growth in total investments by 5% and a growth rate of 4% in total equity. These results were achieved through the continuous efforts of the management and employees and the continuous follow-up of the board of directors,” said Mr Abdel-Jawad. M