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- Date of creation: 1996 in Amman, Jordan (1)
- Classes of business: Life and non-life insurance
- Rating: AM Best / B++ / Stable
- Geographical presence: 8 local agencies
(1) Founded in 1996 as Arab Orient Insurance, which joined the Kuwaiti GIG group in 2013
GIG Jordan in 2023
 |  |
H.E Naser Louzi Chairman of the Board of Directors | Ali Adel Al Wazani CEO |
Insurance revenue (IFRS 17) | 155 232 045 USD |
Share capital | 36 671 440 USD |
Assets | 170 131 122 USD |
Shareholder’s equity | 69 595 815 USD |
Net result | 13 383 179 USD |
Non-life loss ratio | 61.88 % |
Non-life combined ratio | 77.31% |
Management
| H.E Naser Louzi | Chairman of the Board of Directors |
| Ali Adel Al Wazani | Chief Executive Officer (CEO) |
| Saad Farah | Chief Financial Officer (CFO) |
| Rami Dababneh | Business Development and Marketing Director |
| Suleiman Bandis | Life and Health Insurance Director |
| Mohammed Subeh | Business Development Manager |
Shareholding
| Shareholders | In % |
Gulf Insurance Group | 89.873% |
Omar Hamdi Badawi Elian | 5.447% |
Others | 4.68% |
Read also | Insurance companies in Jordan
GIG Jordan: main technical highlights
Figures in thousands USD| Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Life and non-life insurance revenue (1) | 120 868 | 115 926 | 129 893 | 142 912 | 155 232 |
| Life insurance revenue (1) | - | - | 182 | 1 316 | 3 779 |
| Non-life insurance revenue (1) | 120 868 | 115 926 | 129 711 | 141 596 | 151 453 |
| Net non-life written premiums (2) | 57 239 | 53 859 | 63 835 | - | - |
| Net non-life earned premiums (2) | 53 466 | 56 387 | 66 399 | - | - |
| Net non-life incurred losses | 41 509 | 40 854 | 51 936 | 90 693 | 93 720 |
| Non-life management expenses (2) | 16 088 | 16 608 | 20 461 | - | - |
| Non-life insurance service expenses (3) | - | - | - | 116 422 | 117 082 |
| Non-life loss ratio | 77.63% | 72.45% | 78.22% | 64.05% | 61.88% |
| Net non-life management expenses ratio | 28.11% | 30.84% | 32.05% | - | - |
| Net non-life combined ratio | 105.74% | 103.29% | 110.27% | 82.22% | 77.31% |
| Insurance service results (3) | - | - | - | 25 002 | 34 507 |
| Net result | 7 279 | 8 005 | 7 237 | 11 042 | 13 383 |
(1) Gross written premiums for the years 2019, 2020 and 2021, before the introduction of the new IFRS 17 standards, and insurance revenue under IFRS 17 from 2022 onwards.
(2) Data in accordance with IFRS 4
(3) Data in accordance with IFRS 17
Technical ratios under IFRS 4 for 2019, 2020 and 2021
- Net non-life loss ratio = Net non-life incurred losses / Net non-life earned premiums
- Net non-life management expenses ratio = Non-life management expenses / Net non-life written premiums
- Net non-life combined ratio = Net non-life loss ratio + Net non-life management expenses ratio
Loss ratio and combined ratio under IFRS 17 for 2022 and 2023
- Non-life loss ratio = Non-life incurred losses / Non-life insurance revenue
- Non-life combined ratio = Non-life insurance service expenses / Non-life insurance revenue
Exchange rate as at 31/12/2023: 1 JOD = 1.41044 USD; at 31/12/2022: 1 JOD = 1.41044 USD; at 31/12/2021: 1 JOD = 1.41044 USD; at 31/12/2020: 1 JOD = 1.41044 USD; at 31/12/2019: 1 JOD = 1.41044 USD
GIG Jordan: insurance revenue by class of business (1)
Figures in thousands USD| Classes of business | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 shares |
|---|---|---|---|---|---|---|
| Health | 68 381 | 67 025 | 72 791 | 79 736 | 85 652 | 55.18% |
| Motor | 31 627 | 25 976 | 31 311 | 35 488 | 39 695 | 25.57% |
| Fire and property damage | 11 512 | 13 301 | 16 235 | 14 842 | 15 265 | 9.83% |
| Marine (2) | 1 665 | 2 127 | 2 353 | 2 941 | 2 561 | 1.65% |
| Third party liability | 1 378 | 1 432 | 1 893 | 1 970 | 2 171 | 1.40% |
| Other risks | 6 304 | 6 065 | 5 129 | 6 619 | 6 109 | 3.94% |
| Total non-life | 120 868 | 115 926 | 129 711 | 141 596 | 151 453 | 97.57% |
| Total life | - | - | 182 | 1 316 | 3 779 | 2.43% |
| Grand total | 120 868 | 115 926 | 129 893 | 142 912 | 155 232 | 100% |
(1) Gross written premiums for 2019, 2020 and 2021 and insurance revenue for 2022 and 2023
(2) Including aviation and marine transport
GIG Jordan: loss ratio by non-life class of business
| Classes of business | 2019 | 2020 | 2021 | 2022 (1) | 2023 (1) |
|---|---|---|---|---|---|
| Health | 81.05% | 70.93% | 75.56% | 74.62% | 73.50% |
| Motor | 82.41% | 71.86% | 88.48% | 74.37% | 65.93% |
| Fire and property damage | 13.42% | 106.49% | 28.69% | 23.43% | 13.26% |
| Marine (2) | 23.59% | 71.31% | 93.44% | 29.70% | 28.76% |
| Third party liability | 33.13% | 29.29% | 34.36% | 22.31% | 32.93% |
| Other risks | 33.00% | 75.85% | -31.33% | 0.14% | 18.35% |
| Total non-life | 77.63% | 72.45% | 78.22% | 64.05% | 61.88% |
(1) The loss ratio is calculated according to the new IFRS 17 standards for the years 2022 and 2023: Non-life loss ratio = Non-life incurred losses / Non-life insurance revenue
(2) Including aviation and marine transport
GIG Jordan: combined ratio by non-life class of business
| Classes of business | 2019 (1) | 2020 (1) | 2021 (1) | 2022 (2) | 2023 (2) |
|---|---|---|---|---|---|
| Health | 117.42% | 108.11% | 113.40% | 90.32% | 88.95% |
| Motor | 96.61% | 87.29% | 104.86% | 99.24% | 80.57% |
| Fire and property damage | 109.66% | 207.68% | 135.10% | 39.32% | 28.48% |
| Marine | 97.78% | 128.41% | 164.91% | 43.86% | 44.48% |
| Third party liability | 105.21% | 101.48% | 155.02% | 40.94% | 50.16% |
| Other risks | 104.95% | 144.93% | 51.25% | 18.91% | 38.26% |
| Total non-life | 105.74% | 103.29% | 110.27% | 82.22% | 77.31% |
(1) Le ratio combiné est calculé selon les normes IFRS 4 pour les années 2019 - 2021 : Ratio combiné net non vie = Ratio sinistres à primes net non vie + Ratio frais de gestion non vie
(2) The combined ratio is calculated in accordance with the new IFRS 17 standards for the years 2022 and 2023: Non-life combined ratio = Non-life insurance service expenses / Non-life insurance revenue
Source: Gulf Insurance Group-Jordan
GIG Jordan: Contact
| Head office | Jabal Amman - Third Circle - Abdul Monem Riad Street, P.O. Box 213590, Amman 11121 - Jordan |
| Phone | +962 6 565 4550 |
| Fax | +962 6 565 4551 |
gigjordan@gig.com.jo | |
| Website |
