Market Ranking: AROPE market ranking improved to reach the 4th position in 2008, after being the 7th in 2007. It has reported a substantial growth in both the life and the non-life premiums with an increase respectively of 65.4% and 37.7%.
New Sales Channels: In an effort to reach the widest base of customers, AROPE has devised new sales channels including brokers relation division and exclusive agency system, to tackle the increasing market demand and to provide a first class service to all its clients.
New Branch in Jounieh: Following the local expansion strategy that was set by the company to cover all the Lebanese territory, a new branch was opened in Jounieh to cater for the needs of AROPEs clients in Kesserwan area.
Arope Open Life (Retirement) and TA3LEEM (Education): Arope life investment products achieved good results in 2008. Hence, AROPE credited all AOL and TA3LEEM USD policies a rate of return of 7% instead of the expected rate of 6%.
New Structured Investment product Tayseer 5: In a joint effort with BLOM Bank, Arope launched a series of structured investment products labeled Tayseer 5. These products respond to the needs of those looking to invest their money in varied, medium-term investment vehicles with guaranteed rate of return, while providing an element of protection, namely life insurance, and serving as a complete multi-purpose financial package.
REGIONAL EXPANSION:
AROPE Egypt and Arope Egypt Life: AROPE Insurance was granted approval from the Egyptian Insurance Supervisory Authority to establish two insurance companies, Arope Egypt for Life Insurances and Arope Egypt for Property Insurances. the companies were the first to enter Egypts commercial insurance sector, where the demand has been for a long time restricted to the establishment of cooperative insurance companies. 1-) Arope Egypt for Life Insurances: Capital: EGP 100 Million (Equivalent to USD 17.54 million) Shareholders: - Arope Insurance (Based in Lebanon) : 80% - BLOM Bank Egypt: 15% - BLOM Egypt for Stock Exchange: 5% 2-) Arope Egypt for Property Insurances: Capital: EGP 100 Million (Equivalent to USD 17.54 million) Shareholders: - Arope Insurance (Based in Lebanon) : 60% - BLOM Bank Egypt: 35% - BLOM Egypt for Stock Exchange: 5%
Arope Egypt Insurance issued its first policy on the first of April, 2009.
Syrian International Insurance (AROPE Syria): Established in July 2006, AROPE Syria achieved good results in 2008 despite the growing competitive environment. It has registered net profits of USD 1 million, written premium reached USD 13.45 million and total assets of USD 46.02 million. Arope Syria adopted a local expansion strategy to cover most of the Syrian territory. It has also focused on its marketing and sales strategy by devising new sales channels and by being present in all Bank of Syria and Overseas (BSO) branches. Moreover, to be able to competitive in the market and answer the customers needs, Arope Syria worked on improving its current product portfolio and on launching new ones including an life investment plan focused on the childs education, Waladi.
