(Dubai, UAE- 16 August, 2015) – Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organizations in the region, announced its financial results for the first half of 2015.
The company reported a 12% increase in gross insurance premium, up to AED331 million as at 30/6/2015 compared to AED295 million for the same period last year. The company’s total assets increased from AED890 million at year-end 2014 to AED982 million as of 30 June 2015.
Union Insurance’s gross technical profit rose 8%, from Dhs49 million as of end of June 2014 to Dhs53 million reported in 2015.
Net result after the investment income was a loss of AED(7.4) million for H1 2015 compared to a net profit of AED23.6 million for the same period last year. Loss per share is AED (0.02) compared to per-share earnings of AED0.07 a year earlier.
A.M. Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company reflecting the company’s strong risk- adjusted capitalisation, developing business profile and improving technical performance