Insurance House, a leading Abu Dhabi-based provider of insurance services and products, has announced a net loss of Dh0.55 million ($149,7400) for the second quarter of 2011.

Gross written premium (GWP) was Dh0.584 million, while the net premium was Dh0.47 million for the same period.

Total assets stood at Dh146.8 million, total liabilities were Dh27.9 million, while Shareholders equity was Dh118.8 million for the period ended June 30.

“After officially launching the company earlier last month, we believe that the above disclosed results are a positive indication that Insurance House is heading in the right direction,” said Mohammed Abdullah Alqubaisi, chairman of Insurance House.

“Our efforts to minimize expenses and commencement of business at a record period of time, has paid off as our actual initial results is showing minimal losses,” he added.

After completing the first post financial crisis IPO in the UAE earlier this year, Insurance House has officially launched its operations, listed its shares on ADX under the ticker symbol IH earlier last month, and opened up shareholding to foreigners to an extent of 25 per cent of the company’s paid up equity share capital, a statement said. – TradeArabia News Service