Union Insurance Company Posts Robust 2013 Results

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: riham.o@unioninsurance.ae or iman.m@unioninsurance.ae