Insurance House payouts rise

Abu Dhabi-based Insurance House (IH) said its payouts rose in the first quarter of 2014 due to higher claims.

The company said net underwriting profit after operating expenses was Dh647,000 due to pay-outs arising from higher claims.

Insurance firm posted comprehensive profit of Dh4.49 million during the first quarter ended on March 31, 2014 compared to Dh3.48m for the same quarter last year, an increase of 29 per cent.

Gross premiums written (GPW) during Q1 2014 totalled Dh38.07 million, nearly 65 per cent higher than the Dh23.12 million written during the first quarter of the last year. Net earned premiums during the quarter were up by 68 per cent to Dh22.55 million, compared to Dh13.42 million in the same quarter of the previous year. Net underwriting profit after operating expenses was Dh647,000 due to pay-outs arising from higher claims.

 Underwriting profit from core insurance business was complemented by robust returns generated from a diversified and professionally managed proprietary investment portfolio. Income from investing activities during the reporting period soared to Dh9.26 million compared to Dh2.45 million during the same quarter of the previous year.

Total assets stood at Dh265.4 million as of March 31, 2014, compared to Dh254.6 million as of December 31, 2013. During the quarter, shareholders’ equity strengthened to Dh144.8 million as of March 31, 2014, compared to Dh140.3 million as of December 31, 2013. This is comfortably above the minimum required capital of Dh100 million mandated by the UAE Insurance Authority.

Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: “We have carried the positive business growth momentum from the previous year into the current year. Through continuous improvement in risk underwriting norms and enhanced claims management, we should be able to achieve even better results going forward.”

According to Ahmad Idris, Chief Executive Officer of Insurance House, said: “Since inception, we have constantly challenged ourselves by setting ambitious growth targets and have consistently achieved them despite competitive market conditions. We are thankful to our loyal customers and employees, without whose support, these remarkable achievements would not have been possible.”

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