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Economic News

gig│Arab Orient Insurance holds its General
Assembly Meeting for the year 2014

The General Assembly of gig | Arab Orient Insurance held its annual General Assembly Meeting for the year 2014, on
27/04/2015, at the head offices in Jabal-Amman, in order to review the meeting’s agenda and discuss the financial
statements for the year ended on 31/12/2014.

The meeting was attended by the Chairman, Mr. Naser Lozi, Mr. Isam Abdelkhaliq, the CEO of gig | Arab Orient Insur-
ance, the representative of the General Controller of Companies, the representative of the Insurance Commission, the
external auditor in addition to 6 out of 7 members of the Board of Directors and a number of shareholders owning
20,888,328 shares out of 21,438,258 shares representing a percentage of 97.43% of total company’s shares.

The Chairman, Mr. Naser Lozi, stated that the company's results for the year 2014 were outstanding with more achieve-
ments in spite of the challenges and the instability that the region is currently facing. He added that Jordan is blessed
with security and safety and hoped that our country enjoys more prosperity in the upcoming future.

He also declared that the annual profit witnessed growth by 23% and the net profit reached JOD 5.027 million
compared to JOD 4,083 million in the same period of 2013. The written premiums increased by 10.38% to reach JOD
94,949,636 million compared to JOD 86,019,536 million in the same period of 2013. The Company’s assets reached
JOD94,036,218 compared to JOD 83,614,187 million for the year 2013 with an increase of 12.46%.

The banks’ deposits reached JOD 33,656,515 million compared to JOD 27,517,513 million for the year 2013 with an
increase of 22.3%. The total reserves reached JOD 34,198,268 million compared to JOD 32,757,240 million in the year
2013 with an increase of 4.4%. The year 2014 witnessed an increase in the number of employees to become 285 employ-
ees and 292,527 subscribers in Crown Medical Program.

On the other hand, Mr. Isam Abdelkhaliq, the CEO of gig | Arab Orient Insurance declared that the Company is highly
committed to moving forward with the same determination and willpower, and to improving the insurance industry
with comprehensive solutions that exceed clients’ expectations. He added: “The heritage of Gulf Insurance Group
supports our company in its journey; it is with the Group’s extensive experience that we improve individuals’ lives as well
as the national economy.”

The General Assembly of gig | Arab Orient Insurance decided to distribute cash dividends to shareholders of a percent-
age of 10% from the Company’s capital which equals JOD2,143,825 million.

This rapid change of the local market will push insurance companies in Jordan to adopt innovative ways and strategies
to maintain market shares. It is certain that the near future will witness improvements in the market shares of the
companies capable of introducing new products and obtain the biggest share of the insurance operations in the
Kingdom.

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