Abu Dhabi-based Insurance House has registered a net profit of Dh7.65 million ($2.08 million) for the nine months ended September 30, after achieving operating breakeven in the first quarter of the year.

Gross Written Premium (GWP) from date of commencement of operations until September 30 totaled Dh59.58 million with more than Dh44.58 million (75 per cent) of GWP underwritten during the first nine months of 2012 alone.

Gross Premium written during the third quarter totaled Dh17.86 million compared to Dh13.73 million in the second quarter, signaling a quarter on quarter growth of 30 per cent.

Total assets as of September 30 grew to Dh321 million compared to Dh264 million as of December 31, 2011. Shareholders’ Equity as of September 30 strengthened to Dh123.8 million, compared to Dh116.6 million as of December 31, 2011.

Mohammed Abdulla Alqubaisi, chairman of Insurance House said: “Robust incomes generated from Underwriting and Investment activities coupled with tight control on operating costs were the key contributors to this exceptional performance, in the very first year of operations.”

Mohammed Othman, general manager of Insurance House added: “Our unrelenting efforts aimed at meeting our clients’ needs and exceeding their expectations are clearly manifesting into positive financial results on a sustained basis.” – TradeArabia News Service