Insurance House H1 profit crosses $1m
Abu Dhabi, July 16, 2014
Abu Dhabi-based Insurance House (IH) has posted a net profit of Dh4.21 million ($1.14 million) during the half year ended June 30.
Its underwriting profit for the period was lower at Dh3.61 million compared to the same period las year, due to higher amount of claims paid under motor and medical insurance policies, said a statement.
The company’s gross premiums written (GPW) during the period totalled to Dh58.09 million, nearly 39.2 per cent higher than Dh41.74 million during the same period in the previous year.
The net written premiums rose 23 per cent to reach Dh31.11 million, compared to Dh25.29 million during the same period in the previous year.
Mohammed Abdulla Alqubaisi, chairman, said: “In an increasingly competitive insurance industry environment in the UAE, top line growth achieved by the company during the first half of 2014 is commendable. The challenge ahead is to translate this top line growth into sustained improvement in Net Underwriting Profit. We are ready for this challenge.”
The underwriting profit from core insurance business was complemented by robust returns generated from a well-diversified and professionally managed proprietary investment portfolio, he said.
The income from investing activities during the first half of the year more than doubled to Dh13.75 million, compared to Dh5.18 million logged during the same period of the previous year.
Its total assests grew to Dh259.83 million, compared to Dh125.8 million when the company commenced operations three years ago.
The company’s general and administrative expenses were higher than the same period last year primarily on account of branch network expansion and increased staff hires in line with sustained growth in gross premiums written. - TradeArabia News Service