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 2017.
The company reported a 6% increase in gross insurance premium, up from AED242 million posted in Q1 2016 to AED257 million at the end of March 2017. The company’s total assets increased from AED 1.47 billion at year-end 2016 to AED 1.61 billion as of 31 March 2017.
Union Insurance posted a gross technical profit in first quarter of 2017 of AED8.7 million compared to AED4.2 million in Q1 2016, up 107%.
The company’s investments reported a loss of AED10.6 million which resulted in a net loss of AED 5.5 million for the first three months of 2017 compared to a net loss of AED4.4 million for the same period last year.
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