The UAE-based insurance companies' dividends for the fiscal year 2017 amounted to Dh655 million ($178 million), 15.3 per cent up from Dh568 million in 2016, according to recent market data.

The growth in payments coincide with increased profits posted by the sector with a value of Dh1.48 billion in 2017 against Dh900 million in 2016, reported state news agency Wam.

A total of 19 insurance companies distributed cash dividends this year, larger in number than in any other listed sector in the country.

The growing profits is attributed to the rise in insurance premiums, approved early last year, not to mention other profits secured by a number of insurance portfolios.

A total of 22 out of 31 insurance companies listed on ADX and DFM booked profits in 2017 as compared to 2016, with 14 DFM-listed firms securing Dh715 million, while 17 ADX-listed firms' profits surged from Dh471 million in 2016 to Dh765 million in 2017.

The Abu Dhabi National Takafaul is the largest growing in terms of profits to Dh7.6 million in 2017 from Dh400,000 in 2016, with Orient leading the pack in terms of the value of profits which amounted to Dh355 million in 2017 , a growth of 17 per cent from Dh302 million in 2016.