ABU DHABI: UAE-based Union Insurance Company has reported gross written premium of Dh681 million ($185 million) for the year 2015, marking a 28 per cent increase compared to Dh532 million reported for the same period last year.
“Our ambitious business strategy has yielded robust financial results,” said Abdul Muttaleb Al Jaedi, managing director & chief executive officer of Union Insurance Company. “We have maintained a well-diversified business portfolio and registered growth in 2015 in all major lines of business.”
The premiums of Life, General, Medical and Motor have each contributed more than 20 per cent to 2015 gross written premium and which have increased 45 per cent, 31 per cent, 20 per cent and 14 per cent respectively.
The company’s total assets increased from Dh890 million at year-end 2014 to Dh1.11 billion as of 31 December 2015. Gross technical profit reported is up from Dhs91 million as of 31 December 2014 to Dhs103 million in 2015.
‘We continue to post sustained and strong technical profits as a result of adopting an innovative strategy of offering value-added insurance solutions, delivering superior service standards, deploying state of the art technology and investing in logistics infrastructure, ” added Al Jaedi.
Net result after the investment income was a loss of Dh4.7 million compared to a net profit of Dh44 million for the same period last year resulting in loss per share of Dh0.014 compared to per-share earnings of Dh0.13 a year earlier.
A M Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating (ICR) of “bbb” reflecting the company’s strong risk-adjusted capitalisation, developing business profile and improving technical performance.
