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01 March 2024

Union Insurance 2014 profit drops 34% to Dh44m

By Staff

Union Insurance Company today announced that its net profit for 2014 fell 34 per cent to Dh44 million compared to Dh66.7 million in the previous year.

It posted Dh0.13 earnings per share last year compared to Dh0.20 a year earlier.

It announced a 50% increase in gross insurance premium, up to Dh532 million in 2014 as compared to Dh354 million for the same period last year.

The company’s total assets increased from Dh709 million in 2013 to Dh890 million as of December 31, 2014.

Union Insurance doubled its gross technical profit, up from Dh46 million as of 31 December 2013 to Dh91 million reported in 2014.

Meanwhile, the net technical profit reported is Dh36 million compared to a net loss of Dh2 million posted in 2013.

“We continue to post sustained and strong technical profits as a result of adopting an innovative strategy of offering value-added insurance solutions, delivering superior service standards, deploying state of the art technology and investing in logistics infrastructure,” says Abdul Muttaleb Al Jaedi, Managing Director & Chief Executive Officer, Union Insurance Company.

AM Best ratings agency recently revised the outlook to positive from stable.