IH registers more than Dh3 million profit in Q1

Insurance House (IH) has registered a net profit of Dh3.11 million during the first quarter ending March 31, 2013, nearly 16 per cent higher than the net profit of Dh2.69 million registered in the corresponding quarter last year.

By Staff Report

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Published: Wed 17 Apr 2013, 11:25 PM

Last updated: Sat 4 Apr 2015, 9:31 AM

Total Comprehensive Profit for the quarter was Dh3.48 million, which is a 35 per cent increase over Dh2.58 million achieved during the first quarter of the previous year.

The company’s actual net profit achieved during Q1 of its second year of operations is nearly 10 times the net profit forecasted for the full second year as per the distributed prospectus at the time of the Initial Public Offering (IPO).

Commenting on IH’s results, Mohammed Abdulla Alqubaisi, Chairman of IH said: “We are proud of our achievements to date and are thankful to our loyal customers and employees, without whose support these remarkable achievements would not have been possible,” continued Alqubaisi.

Gross Premiums Written (GPW) during Q1 2013 totalled Dh23.12 million, nearly 78 per cent higher than the Dh12.99 million written during the first quarter of the previous year. Net Earned Premiums during the quarter more than doubled to Dh13.42 million, compared to Dh6.46 million in the same quarter of the previous year. As a result Net Underwriting Profit after Operating expenses was Dh4.93 million, which is a whopping 68 per cent higher than the Dh2.93 million achieved previous year.

Underwriting profit from core insurance business was complemented by robust returns generated from a diversified and professionally managed proprietary investment portfolio. Income from investing activities during the reporting period amounted to Dh2.45 million, compared to Dh2.81 million during the same quarter of the previous year.

Total assets as of March 31, 2013 stood at Dh275.5 million, compared to Dh125.8 million when the company commenced operations on April 11, 2011. During the quarter, Total Shareholders’ Equity strengthened to Dh130.2 million as of March 31, 2013, compared to Dh126.7 million as of December 31, 2012.

Mohammed Othman, General Manager said: “We have successfully negotiated the critical “market acceptance phase” and have firmly established Insurance House as a credible player in the UAE Insurance sector.”

— business@khaleejtimes.com

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