Union Insurance back into black

Union Insurance Company, which is listed on the Abu Dhabi Securities Exchange, swung back into black, posting Dh27.3 million net profits in the first nine months of this year compared to Dh42.2 million loss for the same period last year.

Earnings per share strengthened to Dh0.083 at the end of Q3, 2013 compared to per-share loss of Dh0.13 a year earlier.

Gross insurance premium rose by 41 per cent to Dh262.5 million in the first nine months compared to Dh186.7 million for the same period last year. Also, the company’s total assets increased from Dh491.8 million at 2012-end to Dh675.6 million as of September 30, 2013.

Meanwhile, gross technical profit totalled Dh34.6million compared to a loss of Dh21.2 million reported a year earlier.

The company recently received a rating of B++ (Good) by AM Best which reflects Union Insurance’s solid risk-adjusted capitalisation and strong track record of its senior management team.