PRESS RELEASE

Union Insurance Company Posts Robust 2013 Results


Net profit registers a staggering increase of 562% to AED66.7 million

 

Dubai, UAE, 11 March, 2014 - Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, has announced its financial results for the year ended 2013.

 

The company has reported a staggering increase of 562% from net loss of (AED14.4 million) in 2012 to a net profit of AED66.7 million in 2013.

 

Earnings per share rose to AED0.20 at the end of the 2013 fiscal year compared to per-share loss of (AED0.04) a year earlier.

 

Gross insurance premium rose by 40% to AED353.7 million as of 31/12/2013 compared to AED252.2 million for the same period last year. Also, the companys total assets increased from AED498.6 million at year-end 2012 to AED687.7 million as of 31 December 2013.

 

Meanwhile, gross technical profit totaled AED45.6 million, up 307% compared to a loss of (AED22 million) reported a year earlier.

 

Union Insurance Companys continued strong financial results are driven by the growth in its underwriting premium, improvement in claims and combined ratios and expansion of its innovative solutions range.

 

The companys financial stability was recently recognized by AM Best which assigned the company a rating of B++ (Good) reflecting Union Insurances solid risk-adjusted capitalisation and strong track record of its senior management team.

 

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.

For further information, please contact Riham Osama or Iman Mustafa at: +971 4 3787 777 or email: riham.o@unioninsurance.ae or iman.m@unioninsurance.ae

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With offices across the UAE, Union Insurance is close at hand to serve clients. Whether signing up for a new policy or making a claim, you can reach us at any of the offices below. Also, be sure to check this page regularly, as we continue to open new offices.


Toll free number : 800 UIC4U(84248)
Enquiries : info@unioninsurance.ae
Comments : feedback@unioninsurance.ae
Regularly Working Hours : 8:30am to 05.00pm

OFFICES

Head Office

Single Business Tower, Sheikh Zayed Road
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 (04) 3787 777(764)
Fax: +971 (04) 3787 778

Abu Dhabi (Motor Claims)

Al Corniche tower Building, Abu Dhabi Corniche,
P.O Box 54524 Abu Dhabi, United Arab Emirates
Tel: +971 (02) 6906 555
Fax: +971 (02) 6906 556

Ajman (Motor Claims)

Ground & Mezzanine Floors, Ajman Building
Sheikh Khalifa bin Zayed Road
P.O Box 1225 Ajman, United Arab Emirates
Tel: +971 (06) 7014666
Fax: +971 (06) 7014668

Dubai (Motor Claims)

Al Ittihad Road, Al Mana Building,
Showroom no. 6,
P.O Box 35272 Dubai, United Arab Emirates
Tel: +971 (04) 3787 444
Fax: +971 (04) 3787445

JAFZA

Jebel Ali Free Zone Building 16 Office no. 15,
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 (04) 3787 477
Fax: +971 (04) 3787 478

JLT

Jumeirah Business Centre (JBC3) Cluster Y,
16th Floor, Jumeirah Lakes Towers
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 4 315 1700
Fax: +971 4 315 1701

Ras Al Khaimah (Motor Claims)

Al Nakheel- Al Naeem Building,
Office # 101 & 102
Etisalat Street
P.O BOX 12921 Ras Al Khaimah,
United Arab Emirates
Tel: +971 (07) 203 8181
Fax: +971 (07) 203 8182

Sharjah (Motor Claims)

Al Raha Tower, Showroom no. 2
P.O Box 97733 Sharjah, United Arab Emirates
Tel: +971 (06) 5939 888
Fax: +971 (06) 5939 889

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