Abu Dhabi-based Insurance House net profit increased 35 per cent to Dh3.64 million in the second quarter of 2012 compared to Dh2.69 million clocked in the first quarter of 2012, backed by stronger premium growth.
The company said in a statement that it registered a net profit of Dh6.33 million for the first half year of 2012.
Robust incomes generated from underwriting and investment activities coupled with tight control on operating costs were the key contributors to this exceptional performance, in the very first year of operations.
Gross written premium (GWP) from date of commencement of operations till 30 June 2012 totalled an impressive Dh41.7 million with over Dh13 million of GWP underwritten during the second quarter of 2012 alone. Net underwriting profit from date of commencement of operations until 30 June 2012 totalled Dh4.86 million.
Total assets as of June 30 grew by 34.5 per cent to Dh355 million compared to Dh264 million as of 31 December 2011. Shareholders’ equity as of June 30, 2012 strengthened to Dh122.4 million, compared to Dh116.6 million as of 31 December 2011.
Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: “This is a remarkable achievement for a start-up company that operates in the fiercely competitive and extremely challenging UAE insurance market. This success is attributed to dedicated teamwork focused on meticulous execution of our business strategies and adoption of a ‘customer-centric’ philosophy in the design and delivery of insurance services that are tailored to meet the needs of customers in our target market segments”.
Mohammed Othman, General Manager of Insurance House, said: “Our sterling performance in the first quarter of 2012 exceeded expectations and motivated us to maintain momentum in the continued implementation of our business strategies. The outstanding results achieved in the second quarter, further reinforces our belief in the soundness of our strategies and inspires us to aim even higher in the months and years ahead”.