Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and corporations in the region, has posted an increase of 29% in gross written premium, up to AED877 million for the year 2016 compared to AED681 million reported for the same period last year.
“We are pleased with our healthy financial results despite the competitive market conditions,” says Abdul Muttaleb Al Jaedi, Managing Director & Chief Executive Officer of Union Insurance Company. “Our well-diversified business portfolio has proven to be resilient to the challenges and has registered growth in 2016 in all major lines of business.”
The premiums of Life, General, Motor and Medical have increased by 27%, 29%, 52% and 10% respectively and these classes have contributed to 2016 GWP by 31%, 25%, 25% and 19% respectively.
The company’s total assets have increased from AED1.11billion at year-end 2015 to AED1.47 billion as of 31 December 2016. Technical profit reported is up from Dhs35 million as of 31 December 2015 to Dhs38.5 million in 2016.
Net result after the investment income was a loss of AED10.4 million compared to a net loss of AED6.5 million for the same period last year.
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.
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.