UAE's Union Insurance swings in to profit

Abu Dhabi stock exchange-listed Union Insurance Company posted net profit of Dh21.2 million in the first half of 2013 compared to a net loss of Dh37 million for the same period last year.

This resulted in earnings per share of Dh0.064 compared to per-share loss of Dh0.11 for the same period last year.

Gross insurance premium rose by 39 per cent to Dh186.9 million in H1 2013 compared to Dh134.5 million for the same period last year. Also, the company’s total assets increased from Dh491.8 million in 2012 to Dh573.6 million in 2013.

Gross technical profit amounted to Dh25.4 million compared to a loss of Dh22.5 million as of June 30, 2012.

Union Insurance’s robust financial results are attributed to the improved investment performance as well as to the ambitious growth strategy adopted by its new senior management which saw the company introduce a comprehensive range of innovative insurance products and services, expand its distribution channels and invest in revamping its IT infrastructure.

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