Union Insurance posts $18m profit
Dubai, March 11, 2014
Union Insurance Company, a leading provider of insurance products to individuals and organisations in the region, has posted a Dh66.7 million ($18.2 million) profit last year.
The company’s profit increased by a staggering 562 per cent from its net loss of Dh14.4 million in 2012, said a statement.
The earnings per share rose to Dh0.20 at the end of the 2013 compared to per-share loss of Dh0.04 in the previous year.
The gross insurance premium increased 40 per cent to Dh353.7 million, compared to Dh252.2 million for the same period last year.
The company’s total assets also rose from Dh498.6 million at the end of 2012 to Dh687.7 million last year.
Its strong financial results are driven by the growth in its underwriting premium, improvement in claims and combined rations and expansion of its innovative solutiosn range, said a statement. - TradeArabia News Service