Dubai, UAE- May 13, 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 quarter of 2015.
The company reported a 24% increase in gross insurance premium, up to AED172 million as at 31/3/2015 compared to AED139 million for the same period last year. The company's total assets increased from AED890 million at year-end 2014 to AED907 million as of 31 March 2015.
Union Insurance's gross technical profit rose 43%, from Dhs19 million as of 31 March 2014 to Dhs27 million reported in 2015.
The company's investments reported a loss of Dhs25 million which resulted in a net loss of AED17 million for Q1 2015 compared to net profit of AED60 million for the same period last year. Loss per share is AED0.051 compared to per-share earnings of AED0.181 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
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About Union Insurance Company
Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Insurance Authority and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and Middle East region.
For further information, please contact Riham Osama or Iman Mustafa at: +971 4 3787 777 or email: riham.o@unioninsurance.ae or iman.m@unioninsurance.ae
© Press Release 2015
