PRESS RELEASE

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.

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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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