Union Insurance Company has reported a staggering increase of 562 per cent from net loss of Dh14.4 million in 2012 to a net profit of Dh66.7m in 2013.
Earnings per share rose to Dh0.20 at the end of the 2013 fiscal year compared to per-share loss of Dh0.04 a year earlier.
Gross insurance premium rose by 40 per cent to Dh353.7m as of 31/12/2013 compared to Dh252.2m for the same period last year. Also, the company’s total assets increased from Dh498.6m at year-end 2012 to Dh687.7m as of 31 December 2013.
Meanwhile, gross technical profit totaled Dh45.6m, up 307 per cent compared to a loss of Dh2m2 reported a year earlier.
Union Insurance Company’s continued strong financial results are driven by the growth in its underwriting premium, improvement in claims and combined ratios and expansion of its innovative solutions range.
The company’s financial stability was recently recognized by AM Best which assigned the company a rating of B++ (Good) reflecting Union Insurance’s solid risk-adjusted capitalisation and strong track record of its senior management team.