Dubai Islamic Insurance and Reinsurance Company (Aman), has recorded a 32 per cent increase in profits in the fourth quarter of 2010 as compared to the third quarter.

The company has also posted a net profit of Dh21.18 million ($5.76 million) in 2010, a rise of three per cent compared to the Dh20.57 million reached in 2009.

The company’s net operating profit has grown by 65 per cent in 2010, reaching Dh22 million, compared to Dh13.4 million in 2009. By the end of 2010 the company’s income has grown by 23 per cent, to reach Dh611.1 million, compared with Dh495.8 million during the same period in 2009.

The company’s equity recorded a 4.7 per cent increase in 2010, reaching Dh175.3 million compared to Dh167.5 million in 2009. The assets of the company also rose to Dh524.8 million during 2010, an increase of 2.3 per cent, compared with Dh513 million by the end of 2009.

CEO and managing director Hussein Al Meeza said: “The economic downturn has meant that 2010 has been one of the most difficult years for insurance companies. Our ability to maintain revenue streams and increase profits is a major achievement for Aman Insurance. It’s a testament to our model of high performance and sustainability.”

“Our aim this year is to consolidate the gains achieved by the company and focus on our core business in the insurance sector, maintaining good profits and safeguarding the rights of shareholders in the midst of challenging economic changes in the markets,” he concluded. – TradeArabia News Service