PRESS RELEASE

Union Insurance Reports a 28% Increase in Gross Written Premium in 2015


Making it one of the top five national insurance companies in the UAE

( Dubai, UAE- March 22, 2016 ) - Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, has posted the highest gross written premium (GWP) and technical profit in its history.

The company reported gross written premium of AED681million for the year 2015, making it one of the top five national insurance companies in terms of GWP written in the UAE. This is a 28% increase compared to AED532 million reported for the same period last year.

“Our ambitious business strategy has yielded robust financial results,” says Abdul Muttaleb Al Jaedi, Managing Director & Chief Executive Officer of Union Insurance Company. “We have maintained a well-diversified business portfolio and registered growth in 2015 in all major lines of business.”

The premiums of Life, General, Medical and Motor have each contributed more than 20% to 2015 gross written premium and which have increased 45%, 31%, 20% and 14% respectively.

The company’s total assets increased from AED890 million at year-end 2014 to AED1.11billion as of 31 December 2015. Gross technical profit reported is up from Dhs91 million as of 31 December 2014to Dhs103 million in 2015.

‘We continue to post sustained and strong technical profits as a result of adopting an innovative strategy of offering value-added insurance solutions, delivering superior service standards, deploying state of the art technology and investing in logistics infrastructure,” added Al Jaedi.

Net result after the investment income was a loss of AED4.7 million compared to a net profit of AED44 million for the same period last year resulting in loss per share of AED0.014 compared to per-share earnings of AED0.13 a year earlier.

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.

 

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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