PRESS RELEASE

Union Insurance Posts a 24% Increase in Gross Insurance Premium in Q1 2015


Dubai, UAE- May 13, 2015 - 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 2015.

 

The company reported a 24% increase in gross insurance premium, up to AED172 million as at 31/3/2015 compared to AED139 million for the same period last year. The company’s total assets increased from AED890 million at year-end 2014 to AED907 million as of 31 March 2015.

 

Union Insurance’s gross technical profit rose 43%, from Dhs19 million as of 31 March 2014 to Dhs27 million reported in 2015.

 

The company’s investments reported a loss of Dhs25 million which resulted in a net loss of AED17 million for Q1 2015 compared to net profit of AED60 million for the same period last year. Loss per share is AED0.051 compared to per-share earnings of AED0.181 a year earlier.

A.M. Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company 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.

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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