Surge in premiums boosts Union Insurance profit

Union Insurance Company, which is listed on the Abu Dhabi Securities Exchange, on Tuesday reported net profit of Dh43.8million for the first nine months ended on September 30, 2014, an increase of 60 per cent compared to a net profit of Dh27.3 million for the same period last year.

Earnings per share strengthened to Dh0.132 at the end of Q3 this year compared to per-share profit of Dh0.083 at 2013.

Gross insurance premium rose by 58% to Dh414 million in the first nine months compared to Dh263 million for the same period last year. The company’s total assets increased from Dh688 million at year-end 2013 to Dh854 million as of September 30, 2014.

Meanwhile, gross technical profit totalled Dh70.7 million, up 104 per cent compared to a profit of Dh34.7 million reported a year earlier.

The company is rated B++ by AM Best ratings agency.

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