The Insurance Control Commission published its 2024 Annual Report conveying a net loss of LBP 2.57 trillion in 2024, compared to a net income of LBP 18.59 trillion in 2023. In details, the sector recorded a sizeable increase (54.50%) in premiums & similar revenues to LBP 97.19 trillion in 2024, compared to LBP 62.91 trillion in 2023. This increase can be mainly attributed to the 24.44% rise in net written premiums in life and no-life insurance to LBP 76.63 trillion, coupled with some 29.20% hike in policy fees to LBP 17.73 trillion. On the other hand, insurance companies recorded a 51.65% drop in net investment income to LBP 9.07 trillion in 2024 down from LBP 18.75 trillion in 2023. In parallel, the sector saw a sharper increase in operating expenses compared to its revenues. More specifically, claims expenses rose by 18.24% in 2024 to LBP 66.25 trillion, with net reinsurance expenses skyrocketing by 300.21% to LBP 6.74 trillion, and general insurance expenses soaring by 40.16% to LBP 33.50 trillion, among others.

On the balance sheet front, the Lebanese insurance sector’s total assets saw a 7.24% increase in 2024 to just below LBP 246.94 trillion, up from LBP 230.26 trillion in 2023 mainly buoyed by the 9.18% rise in investments to LBP 116.83 trillion, and the 19.31% increase in other receivables to LBP 27.57 trillion, among others. On the liabilities and shareholders’ equity front, the Lebanese insurance sector’s total liabilities rose by 7.45% in 2024 to LBP 170.41 trillion mainly owing to the 11.40% increase in non-life technical reserves to LBP 74.33 trillion, noting that shareholders’ equity rose by 6.80% to LBP 76.53 trillion.

Concerning life insurance companies, the ICC revealed that ALICO emerged as the company with the largest Annualized Premium Equivalent (APE) in 2024, with its’ APE reaching LBP 3.95 trillion and representing a 45% market share of total life insurance companies’ APE (net after-tax loss of LBP 0.87 trillion). ALICO was followed by SNA (APE of LBP 0.98 trillion, market share of around 11%, net after-tax profit of LBP 0.79 trillion), and Bankers (APE of LBP 0.92 trillion, market share of around 11%, net after-tax loss of LBP 0.02 trillion), only to name a few.

As for non-life insurance companies, LiaAssurex amassed the largest Gross Earned Premium (GEP) among Lebanese insurance companies in 2024, with its’ GEP totaling LBP 8.56 trillion (~10% market share and a net after-tax loss of LBP 0.70 trillion). Bankers came in second on the list (GEP of LBP 8.53 trillion, market share of circa 10%, and a net after-tax profit of around LBP 0.16 trillion), and Fidelity (GEP of LBP 8.51 trillion, market share of around 10%, and a net after-tax loss of LBP 0.12 trillion, among others.