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Union Insurance posts net profit of Dh60 million

June 1, 2014

First-quarter earnings surge 23-fold

Union Insurance Company, the fastest growing insurance company in the UAE, has reported a net profit of Dh60 million, an increase of more than 23-fold, compared to Dh2.5 million in the first quarter of 2013.

Earnings per share are up from Dh0.008 a year earlier to Dh0.181 at the end of the first quarter of 2014, the company reported in its financial results for the first three months ended March 31, 2014.

Gross insurance premium rose by 45 per cent to Dh139.1 million as of March 31 compared to Dh96.2 million for the same period last year. Also, the company's total assets increased from Dh688 million at first quarter-end 2013 to Dh878 million as of March 31, 2014.

Meanwhile, gross technical profit totalled Dh18.9 million, up 51 per cent compared to Dh12.5 million 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 recognised 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.

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Source: Khaleej Times (United Arab Emirates)

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