Union Insurance Reports Gross Insurance Premium Increase of 18% in the first nine months of 2015
(Dubai, UAE- November 10, 2015) - Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and organizations in the region, has reported an 18% increase in gross insurance premium for the first nine months ended 30 September 2015,up to AED489 million compared to AED414 million for the same period last year.
Meanwhile, gross technical profit totaled AED81 million, up 14% compared to a profit of AED71 million reported a year earlier. The company total assets increased from AED890 million at year-end 2014 to AED1.06 billion as of 30 September 2015.
The company’s investments reported a loss of Dhs27.5 million which resulted in a net loss of AED2.9 million for the first nine month of 2015 compared to net profit of AED43.7 million for the same period last year. Loss per share is AED0.009 compared to per-share earnings of AED0.132 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 330million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and Middle East region.
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