Union Insurance Swings to Profit in H1 2013

Company net profit up 157% to AED21.2 million

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

The company has reported a net profit of AED21.2 million compared to a net loss of AED37 million for the same period last year, an increase of 157%. This has resulted in earnings per share of AED0.064 compared to per-share loss of AED0.11 for the same period last year.

Gross insurance premium rose by 39% to AED186.9 million in H1 2013 compared to AED 134.5 million for the same period last year. Also, the company's total assets increased from AED491.8 million in 2012 to AED573.6 million in 2013.

Gross technical profit amounted to AED25.4 million, up 212%, compared to a loss of AED22.5 million as at 30 June 2012.

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

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.