Union Insurance Company Nine-Month Profit Soars
Net profit up 165% to AED27.3 million
Dubai, UAE, 13 November, 2013 - Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, has reported a net profit of AED27.3 million for the first nine month ended 30 September 2013,an increase of 165%compared to a net loss of AED42.2 million for the same period last year.
Earnings per share strengthened to AED0.083at the end of Q3 this year compared to per-share loss of (AED0.13)a year earlier.
Gross insurance premium rose by 41% to AED262.5 million in the first nine monthscompared to AED 186.7 million for thesame period last year. Also, the companys total assets increased from AED491.8 million at year-end 2012 to AED675.6 millionas of 30 September 2013.
Meanwhile, gross technical profittotaled AED 34.6million, up 263% compared to a loss of AED21.2 million reported a year earlier.
Union Insurances ability to sustain the robust performance is driven by the improved performance of both underwriting and investment portfolios. The company recently received a rating of B++ (Good) by AM Best which reflects Union Insurances solid risk-adjusted capitalisation and strong track record of its senior management team.