Union Insurance Company, a provider of innovative customer-focused insurance products to individuals and organizations in the region, has announced its financial results for the year ended 2013.
The company has reported a staggering increase of 562% from net loss of (Dhs14.4m) in 2012 to a net profit of Dhs66.7m in 2013.
Earnings per share rose to Dhs0.20 at the end of the 2013 fiscal year compared to per-share loss of (Dhs0.04) a year earlier.
Gross insurance premium rose by 40% to Dhs353.7m as of 31/12/2013 compared to Dhs252.2m for the same period last year. Also, the company’s total assets increased from Dhs498.6m at year-end 2012 to Dhs687.7m as of 31 December 2013.
Meanwhile, gross technical profit totaled Dhs45.6m, up 307% compared to a loss of (Dhs22m) reported a year earlier.
Union Insurance Company’s continued strong financial results are driven by the growth in its underwriting premium, improvement in claims and combined ratios and expansion of its innovative solutions range.
The company’s financial stability was recently recognized by AM Best which assigned the company a rating of B++ (Good) reflecting Union Insurance’s solid risk-adjusted capitalisation and strong track record of its senior management team.
For further information, please contact:
Riham Osama / Iman Mustafa
Union Insurance Company
Tel: +971 4 3787 777