PRESS RELEASE

Union Insurance Swings to Profit in H1 2013


Company net profit up 157% to AED21.2 million

 

Dubai, UAE, 14 August, 2013 - Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, announced its results for the first six months of 2013, demonstrating solid financial performance.

 

The company has reported a net profit of AED21.2 million compared to a net loss of AED37 million for the same period last year, an increase of 157%. This has resulted in earnings per share of AED0.064 compared to per-share loss of AED0.11 for the same period last year.

 

Gross insurance premium rose by 39% to AED186.9 million in H1 2013 compared to AED 134.5 million for the same period last year. Also, the company's total assets increased from AED491.8 million in 2012 to AED573.6 million in 2013.

 

Gross technical profit amounted to AED25.4 million, up 212%, compared to a loss of AED22.5 million as at 30 June 2012.

 

Union Insurance's robust financial results are attributed to the improved investment performance as well as to the ambitious growth strategy adopted by its new senior management which saw the company introduce a comprehensive range of innovative insurance products and services, expand its distribution channels and invest in revamping its IT infrastructure.

 

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.

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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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