News Column

Union Insurance Company Reports 12% increase in H1 2014 Profit

August 14, 2014

DUBAI, 14 August, 2014 (WAM)-- Union Insurance Company (UIC), one of the providers of innovative customer-focused insurance products to individuals and organizations in the region, announced results for the first six months of 2014.

Net profit has increased 12% to AED23.6 million compared to AED21.2 million a year earlier. This has resulted in earnings per share rising from AED0.064 in the first half of 2013 to AED0.071in H1 2014.

Gross insurance premium stood at AED295 million in H1 2014 compared to AED187million reported in the same period last year, an increase of 58%.

UIC's total assets rose from AED688 million as of 31 December 2013 to AED868 million as of 30 June 2014.

Technical profit amounted to AED49.2 million, up 94%, compared to AED25.4 million 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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Source: Emirates News Agency (WAM) (United Arab Emirates)

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