Insurance House comprehensive profit up 29% and gross premiums written up 65%
Insurance House P.S.C (IH) has registered a healthy Total Comprehensive Profit of Dhs4.49m during the first quarter ending 31 March 2014, nearly 29% higher than the Total Comprehensive Profit of Dhs3.48m registered in the corresponding quarter last year.
Gross Premiums Written (GPW) during Q1 2014 totaled Dhs38.07m, nearly 65% higher than the Dhs23.12m written during the first quarter of the previous year. Net Earned Premiums during the quarter were up by 68% to Dhs22.55m, compared to Dhs13.42m in the same quarter of the previous year. Net Underwriting Profit after Operating expenses was Dhs647K, due to pay-outs arising from higher claims compared to the same period of the previous year.
Underwriting Profit from core insurance business was complemented by robust returns generated from a diversified and professionally managed proprietary investment portfolio. Income from investing activities during the reporting period soared to Dhs9.26m, compared to Dhs2.45m during the same quarter of the previous year.
Total Assets as of 31 March 2014 stood at Dhs265.4m, compared to Dhs254.6m as of 31 December 2013. During the quarter, Total Shareholders’ Equity strengthened to Dhs144.8m as of 31 March 2014, compared to Dhs140.3m as of 31 December 2013. This is comfortably above the minimum required capital of Dhs100m mandated by the UAE Insurance Authority.
Commenting on Insurance House’s results, Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: “We have carried the positive business growth momentum from the previous year into the current year. Through continuous improvement in risk underwriting norms and enhanced claims management, we should be able to achieve even better results going forward.”
According to Ahmad Idris, Chief Executive Officer of Insurance House “Since inception, we have constantly challenged ourselves by setting ambitious growth targets and have consistently achieved them despite competitive market conditions. We are thankful to our loyal customers and employees, without whose support, these remarkable achievements would not have been possible.”
For further information, kindly contact:
Wissam Farran – Manager
Group Corporate Communications Department
Insurance House PSC
Tel: +971 2 6194893
Fax: +971 2 6315806