Union Insurance net profit soars 157%

Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organisations in the region, announced its results for the first six months of 2013, demonstrating solid financial performance.

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Published: Sun 18 Aug 2013, 1:26 AM

Last updated: Tue 7 Apr 2015, 7:49 PM

The company has reported a net profit of Dh21.2 million compared to a net loss of Dh37 million for the same period last year, an increase of 157 per cent. This has resulted in earnings-per-share of Dh0.064 compared to per-share loss of Dh0.11 for the same period last year.

Gross insurance premium rose by 39 per cent to Dh186.9 million in the first half compared to Dh134.5 million for the same period last year. Also, the company’s total assets increased from Dh491.8 million in 2012 to Dh573.6 million in 2013. Gross technical profit amounted to Dh25.4 million, up 212 per cent, compared to a loss of Dh22.5 million as at June 30, 2012.

Union Insurance’s robust financial results are attributed to improved investment performance, as well as to the ambitious growth strategy adopted by its new senior management that saw the company introduce a comprehensive range of innovative insurance products and services, expand its distribution channels and investing in revamping its IT infrastructure.

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