Union Insurance Reports a 29% Increase in Gross Written Premium in 2016
(Dubai, UAE- March 27, 2017) - Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and corporations in the region, has posted an increase of 29% in gross written premium, up to AED877 million for the year 2016 compared to AED681 million reported for the same period last year.
“We are pleased with our healthy financial results despite the competitive market conditions,” says Abdul Muttaleb Al Jaedi, Managing Director & Chief Executive Officer of Union Insurance Company. “Our well-diversified business portfolio has proven to be resilient to the challenges and has registered growth in 2016 in all major lines of business.”
The premiums of Life, General, Motor and Medical have increased by 27%, 29%, 52% and 10% respectively and these classes have contributed to 2016 GWP by 31%, 25%, 25% and 19% respectively.
The company’s total assets have increased from AED1.11billion at year-end 2015 to AED1.47 billion as of 31 December 2016. Technical profit reported is up from Dhs35 million as of 31 December 2015 to Dhs38.5 million in 2016.
Net result after the investment income was a loss of AED10.4 million compared to a net loss of AED6.5 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 and improving technical performance.