Insurance firms post AED445mn profit

ABU DHABI / WAM

Insurance companies listed on ADX and DFM held decent profits of AED445 million for the Q1 2017, an increase of 44.5 percent over the same period last year.
The profits are an all-time-high for several years, reflecting the considerable growth recorded since the beginning of the year, according to a survey conducted by Emirates News Agency (WAM), over 29 companies listed on the country’s two major financial markets. The surveyed companies’ market value amounted to AED11 billion by the first half of May, driven by a rise in the insurance sector’s stocks, with the total capital of the these companies ratcheting up to AED5.8 billion for the same period this.
The competitive insurance rates endorsed by the Insurance Authority effective January was a driving force behind the profit increase.
The net profit of 16 insurance companies listed on Abu Dhabi Securities Exchange, climbed to AED207 million during the first three months, a 20 percent increase over the same period last year, with the profits of 12 companies listed at Dubai Financial Market jumping to AED238 million, a 76.2 percent rise compared to same period 2016.

Youth enterprise
council launched
A platform for promoting initiatives and enterprises launched by UAE youth has been formed by the UAE Insurance Authority to hone the leadership and decision-making skills of young segments of society.
Sultan bin Saeed Al Mansouri, Minister of Economy, has said the formation of a council for the promotion of projects created by UAE youth is aligned with the directives of the wise leadership of the country to empower youth, and comes as an effective enabler for the sustainable development drive in the country as part of the UAE Vision 2021.

Bayzat raises $7.5 million
in funding
ABU DHABI / WAM

Bayzat, a UAE-based technology company that provides insurance, HR solutions, has raised another $3mn in funding, a total of $7.5mn in last 24 months. Talal Bayaa, CEO & Co-Founder of Bayzat said, “People who are interested in supporting technology start-ups in promising sectors see Bayzat as a unique opportunity and a forerunner in the arena.”
Since Bayzat Benefit’s launch, the company has
connected over 12,000 individuals in the region with health insurance.