Making it one of the top five national insurance companies in the UAE
Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, has posted the highest gross written premium (GWP) and technical profit in its history.
The company reported gross written premium of AED681million for the year 2015, making it one of the top five national insurance companies in terms of GWP written in the UAE. This is a 28% increase compared to AED532 million reported for the same period last year.
“Our ambitious business strategy has yielded robust financial results,” says Abdul Muttaleb Al Jaedi, Managing Director & Chief Executive Officer of Union Insurance Company. “We have maintained a well-diversified business portfolio and registered growth in 2015 in all major lines of business.”
The premiums of Life, General, Medical and Motor have each contributed more than 20% to 2015 gross written premium and which have increased 45%, 31%, 20% and 14% respectively.
The company’s total assets increased from AED890 million at year-end 2014 to AED1.11billion as of 31 December 2015. Gross technical profit reported is up from Dhs91 million as of 31 December 2014to Dhs103 million in 2015.
‘We continue to post sustained and strong technical profits as a result of adopting an innovative strategy of offering value-added insurance solutions, delivering superior service standards, deploying state of the art technology and investing in logistics infrastructure,” added Al Jaedi.
Net result after the investment income was a loss of AED4.7 million compared to a net profit of AED44 million for the same period last year resulting in loss per share of AED0.014 compared to per-share earnings of AED0.13 a year earlier.
A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating (ICR) of “bbb” 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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