Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, announced its financial results for the first quarter of 2015.
The company reported a 24% increase in gross insurance premium, up to AED172 million as at 31/3/2015 compared to AED139 million for the same period last year. The company’s total assets increased from AED890 million at year-end 2014 to AED907 million as of 31 March 2015.
Union Insurance’s gross technical profit rose 43%, from Dhs19 million as of 31 March 2014 to Dhs27 million reported in 2015.
The company’s investments reported a loss of Dhs25 million which resulted in a net loss of AED17 million for Q1 2015 compared to net profit of AED60 million for the same period last year. Loss per share is AED0.051 compared to per-share earnings of AED0.181 a year earlier.
A.M. Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company reflecting the company’s strong risk- adjusted capitalisation, developing business profile and improving technical performance
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.
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