Union Insurance profit jumps 23-fold in Q1

Abu Dhabi-listed Union Insurance Company said its profit in the first quarter of 2014 jumped 23-fold to Dh60 million compared to Dh2.5 million in the same quarter last year.

The company’s financial results reflect the growth in underwriting premium, improvement in claims and combined ratios, expansion of its product range as well as increase in investment income.

Earnings per share rose from Dh0.008 a year earlier to Dh0.181 at the end of Q1 2014.

Gross insurance premium rose by 45 per cent to Dh139.1 million compared to Dh96.2 million for the same period last year. Also, the company’s total assets increased from Dh688 million at first quarter-end 2013 to Dh878 million as of March 31, 2014.

Meanwhile, gross technical profit totalled Dh18.9 million, up 51 per cent compared to Dh12.5 million reported a year earlier.

 

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