Higher premiums lift profits at Union Insurance

Abu Dhabi-listed Union Insurance Company (UIC) on Thursday said its net profit in the first half of 2014 rose 12 per cent on higher gross premiums and expansion of distribution channels.

It posted net profits of Dh23.6 million in the first half of 2014 compared to Dh21.2 million during the same period last year.

This resulted in earnings per share rising from Dh0.064 in the first half of 2013 to Dh0.071 in H1 2014.

Gross insurance premium stood at Dh295m in H1 2014 compared to Dh187m reported in the same period last year, an increase of 58 per cent. UIC’s total assets rose from Dh688m as of December 31, 2013, to Dh868m as of June 30, 2014.

Technical profits amounted to Dh49.2m, up 94 per cent, compared to Dh25.4m as at June 30, 2013.

In a media statement, the firm said that the continued surge in the technical profits underscores the effective execution of its sustainable growth strategy which includes disciplined underwriting, focus on introducing innovative solutions range and expansion of distribution channels.

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