About JOFICO & History
- In 1976 JOFICO was established, in affiliation with “COMPAGNIE FINANCIER DU GROUP VICTORE” of FRANCE, with a Registered Capital of JD: 250,000/- and a paid-up Capital of JD: 125,000/-, out of which the French held 25%.
- In 1978 the Registered Capital of JD: 250,000/- was paid in full .
- In 1981, the company increased its paid-up capital again to J.D: 750,000/-.
- In 1983, the company increased its paid-up capital for the third time to JD: 1,000,000/- through capitalizing some of its voluntary reserves.
- In 1987, “LINCOLIN NATIONAL LIFE INSURANCE CO.” of Fort Wayne , Indiana ( USA ) bought shares in the company and became the first and then the only U.S. firm to hold equity in a Jordanian public shareholding company and to sit on its Board of Directors, which started JOFICO’s life insurance department.
- In 1989 JOFICO took over the Jordanian operation of “PROVINCIAL INSURANCE PLC.”, a U.K based firm, which increased JOFICO’s capital from J.D : 1,000,000/- to J.D : 2,200,000/- and allowed “PROVINCIAL INSURANCE PLC.” to sit on JOFICO’s Board of Directors, and to become the first and then the only British firm to sit on a on a Jordanian Board.
“ JOFICO” In 90’s
- In 1997 major changes took place in JOFICO when:
1-The “JORDAN ARMED FORCES” bought equity in JOFICO and became shareholders and Board Members.
2-The “JORDANIAN ECONOMIC & SOCIAL ORGANIZATION FOR RETIRED SERVICEMEN & VETERANS” also bought equity in JOFICO and became shareholders and Board Members.
3-The “JORDAN SOCIAL SECURITY CORPORATION” bought equity in JOFICO, and became Board Members.
- In 1998, JOFICO’s general assembly in an extra-ordinary session increased the number of seats in JOFICO’s board to accommodate the respected organizations mentioned above.
- JOFICO’s board thus, is not only professional and multi-national, but now also holds the most powerful three organizations in the kingdom.
- In January of 1999, JOFICO obtained the distinguished “ISO 9002.1194” certificate.
- In January 1999, JOFICO and partners purchased 60% of “UNIVERSAL INSURANCE CO. LTD” in Amman, and took over it’s Board of Directors and Direct Management, and changed it’s name to “OASIS INSURANCE CO. LTD”.
JOFICO In 2000’s
- In 2000, JOFICO and partners purchased 70% of “AL-MASHRIQ INSURANCE CO. LTD” in Ram Allah, Palestine and took over its Board of Directors and Direct Management.
- In 2001, and after JOFICO reached its Silver Jubilee while located at Jabal Amman / Second Circle. It moved to its new building located in the Shemisani Area to start its second Twenty Five years.
- In 2003, the company increased its paid-up capital for the fourth time by offering 1,650,000 free shares representing 75% of the capital as dividends to reach a paid-up Capital of JDs: 3,850,000.
- In 2004 the Company increased it paid-up capital another time du offering 150,000 free shares representing as dividends to reach a paid-capital of JDs. 4,000,000 (Jordan Dinars Four Million).
- In 2005, the Company increased its paid –up Capital another time by offering 2,000,000 free shares representing dividends to reach a paid-up Capital of JD’s 6,000,000 (Jordan Dinars six million).
- In 2006, the “JORDAN ARMED FORCES” entered as a strategic partner by purchasing 500,000 shares to increase the paid-up Capital to 6,500,000.
- In March 2006, JOFICO participated in establishing “NIC National Insurance Company “ in Syria with full technical & managerial support. “NIC National Insurance Company “ was the first to obtain its insurance license in Syria after 50 years of government monopoly. JOFICO holds 2 out of 7 seats on “NIC National Insurance Company “board of Directors.
- In 2008, JOFICO increased its Capital to 10,000,000/- through General subscription with a paid-up Capital to reach JD: 9,100,000/- (Jordan Dinars Ten Million).
- In 2009, with the expansion of “JOFICO” business has completed the preparing of JOFICO building No. (2) Which consist of more than 1460 meters and adjacent to the main building of the company in Al-Shmeisani.
Jordan French Insurance Company (P.L.C.) “ JOFICO”
- In 2010 “JOFICO” moved the operations of Motor Insurance, Health Insurance, life insurance and the Department of vehicle accidents to JOFICO building No. (2).
- In 2010 “JOFICO” opened a new branch in the Balqaa Governorate in the city of Salt.
- In 2012, “JOFICO” opened a new branch in the city of Aqaba.
- In 2014, “JOFICO” opened a new branch in the city of Zarqaa.
- In 2014, with intense competition among insurance companies, “JOFICO” established the marketing department to increase its market share in Jordan.