Union Insurance Company, one of the leading providers of innovative customer-focused insurance products to individuals and organizations in the region, announced its results for the first six months of 2014, demonstrating robust financial
Net profit has increased 12% to Dhs23.6m compared to Dhs21.2m a year earlier. This has resulted in earnings per share rising from Dhs0.064 in the first half of 2013 to Dhs0.071in H1 2014.
Gross insurance premium stood at Dhs295m in H1 2014 compared to Dhs187m reported in the same period last year, an increase of 58%. UIC’s total assets rose from Dhs688m as of 31 December 2013 to Dhs868m as of 30 June 2014.
Technical profit amounted to Dhs49.2m, up 94%, compared to Dhs25.4m as at 30 June 2013.
The continued surge in the technical profits underscores the effective execution of the company’s sustainable growth strategy which includes disciplined underwriting, focus on introducing innovative solutions range and expansion of distribution channels.
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