Dubai Islamic Insurance & Reinsurance (Aman) has declared a first quarter net profit of Dh10.2 million ($2.78 million) with an increase of 69 per cent compared to Dh6 million earned in the same period in 2008.

Aman’s operating net profit amounted to Dh7 million, an increase of 54 per cent compared to Dh4.6 million in the same period of the last year. Aman insurance premiums increased to Dh86.4 million for the first quarter of 2009 with an increase of 10 per cent compared to Dh78.7 million for the same period in 2008.

Mohamed Bin Omeir Bin Yousif Al Muhairi, chairman of Aman, said that Aman is firmly stable and able to deal with all emergent situations, get over the current global finical crisis and will continue its progress according to its defined strategy for achieving the ambitions and hopes of its shareholders.

He added that though the consequences of the global financial crisis have been present directly or indirectly in our region, officials in insurance sector have to work very hard to identify the role and place they aspire to achieve within these variables.

Hopefully, they will develop sound financial and economic structures, leading to the issuance of products capable of providing protection to business.

He clarified that the Gulf economy can absorb and contain the impacts of the current global financial crisis due to the financial surplus generated by the increase of oil prices before the crisis.

Hussein Al Meeza, the managing director and CEO of Aman, said that his company will seek to raise its net profits compared with the unexpected negative results due to Aman's investment in stock market that has been affected by the global financial crisis.

The CEO added that Aman managed to exceed the estimated budget of the expected gross production in the last year, 2008, from Dh300 million to the actual achieved production of Dh493 million, an increase of Dh193 million, i.e., a growth rate of 166 per cent, benefiting from the opportunities made available to the company.

As part of its strategy for growth and development, the company always seeks to expand at regional level, he added.

During the last year, Nawat Company, the investment arm of the company, was established in Dubai to achieve a higher level of flexibility and minimise the risks of direct exposure to the company.

Some of the region’s strategic investors have been contacted to discuss the possibility of cooperation in various investment fields. – TradeArabia News Service