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.
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.