Union Insurance Posts a 40% Increase in Gross Insurance Premium in Q1 2016
Dubai, UAE- May16, 2016 - 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 2016.
The company reported a 40% increase in gross insurance premium, up from AED172 million posted in Q1 2015to AED242 million at the end of March 2016. The company’s total assets increased from AED1.1 billion at year-end 2015to AED1.3 billion as of 31 March 2016.
Union Insurance posted a gross technical profit in first quarter of 2016 of Dhs 25 million compared to Dhs27 million in Q1 2015.
The company’s investments reported a loss of Dhs 5.4 million which resulted in a net profit of AED53 thousand for the first three months of 2016 compared to a net loss of AED17 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 andimproving 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 43787 777 or
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