Insurance House's 9-month profit doubles to Dh8.39m

dubai - Net claims incurred registered a drop of 22.4 per cent

Abu Dhabi-listed Insurance House (IH) registered a net profit of Dh8.39 million during the first nine months of the year, which is more than double its net profit of Dh3.86 million registered in the corresponding period of 2017.

"Despite intense competition, softer market conditions and elevated pressures on input costs, the company was able to more than double its net profit in the nine months of 2018 compared to the same period of 2017, through well thought out strategies and their effective implementation across all business lines. We will strive to sustain our significantly improved performance throughout 2018 and beyond," said Mohammed Abdulla Alqubaisi, chairman, Insurance House.

Gross premiums written during the first nine months of 2018 weighed in at Dh165.13 million, compared to Dh180.62 million logged during the same period of the previous year. On the other hand, net claims incurred during this period registered a drop of 22.4 per cent to Dh63 million compared to Dh81.17 million during the same period in the previous year.

The ratio of net claims incurred as a percentage of net premiums earned registered a remarkable improvement down to 55.8 per cent in the first nine months of 2018 from 68.3 per cent in the same period of 2017. As a result of the above, the net underwriting income for the first nine months of 2018 jumped by 42.4 per cent to Dh41.14 million compared to Dh28.89 million registered during the same period last year.

- waheedabbas@khaleejtimes.com