Net profit registers a staggering increase of 562% to AED66.7 million
Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, has announced its financial results for the year ended 2013.
The company has reported a staggering increase of 562% from net loss of (AED14.4 million) in 2012 to a net profit of AED66.7 million in 2013.
Earnings per share rose to AED0.20 at the end of the 2013 fiscal year compared to per-share loss of (AED0.04) a year earlier.
Gross insurance premium rose by 40% to AED353.7 million as of 31/12/2013 compared to AED252.2 million for the same period last year. Also, the companys total assets increased from AED498.6 million at year-end 2012 to AED687.7 million as of 31 December 2013.
Meanwhile, gross technical profit totaled AED45.6 million, up 307% compared to a loss of (AED22 million) reported a year earlier.
Union Insurance Companys continued strong financial results are driven by the growth in its underwriting premium, improvement in claims and combined ratios and expansion of its innovative solutions range.
The companys financial stability was recently recognized by AM Best which assigned the company a rating of B++ (Good) reflecting Union Insurances solid risk-adjusted capitalisation and strong track record of its senior management team.
About Union Insurance Company
Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Insurance Authority and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and Middle East region.
For further information, please contact Riham Osama or Iman Mustafa at: +971 4 3787 777 or email: email@example.com or firstname.lastname@example.org
UIC's private health insurance offers you both choice and flexibility to help you find a healthcare plan that suits your requirements perfectly, as well as those of your family. From diagnosis to medical treatment, our coverage is carefully designed to secure your health and with it, your peace of mind.
Nothing is more important than being able to provide for your loved ones despite any eventuality. Regardless of your situation in life, you're guaranteed to find a life insurance plan that is perfectly tailored to your needs among the extensive range on offer below.
Whether it's the theft of your personal belongings or structural damage caused by a natural disaster, our comprehensive coverage addresses every single contingency that poses a potential threat to your home, and takes steps to protect you from it.
UIC's group health insurance plans are designed for companies of all sizes, providing employers with straightforward solutions that are guaranteed to protect the interests of their employees as well as their organisation.
UIC's property insurance addresses a wide range of risks, ranging from accidental mishaps to natural calamities. Regardless of the size of your business, we have addressed every measure you need to consider to protect it, as you can see from the array of plans available below.
Whether you want to secure your vessel from external risks or protect the valuable cargo on board, UIC's marine insurance plans offer coverage for every risk you've thought of - as well as some you haven't - to ensure your security at sea.
UIC's fully tailored engineering insurance plans are designed to meet specific risks faced by the engineering industry. We offer security to you and your employees by addressing the particular requirements of your company and protecting you from legal costs, compensation, and expenses.
UIC offers an extensive range of plans to secure yourself, as well as your business, from any sort of liability that may arise suddenly and unexpectedly. This is supplemented by round the clock customer care that will provide you with immediate assistance and make your journey with us as smooth as possible.