Union Insurance Company reports net profit of Dhs60m for Q1 2014
Union Insurance Company, the fastest growing insurance company in the UAE, has announced its financial results for the first three months ended March 31, 2014.
The company reported a net profit of Dhs60m, an increase of more than 23-fold, compared to Dhs2.5m in the first quarter of 2013.
Earnings per share are up from Dhs0.008 a year earlier to Dhs0.181 at the end of Q1 2014. Gross insurance premium rose by 45% to Dhs139.1m as of 31/3/2014 compared to Dhs96.2m for the same period last year.
Also, the company’s total assets increased from Dhs688m at first quarter-end 2013 to Dhs878m as of 31 March 2014. Meanwhile, gross technical profit totaled Dhs18.9m, up 51% compared to Dhs12.5m reported a year earlier.
Union Insurance Company’s robust financial results reflect the steady growth in underwriting premium, improvement in claims and combined ratios, expansion of its innovative solutions range as well as increase in investment income.
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.