Union Insurance Company, the fastest growing insurance company in the UAE, has announced its financial results for the first three months ended March 31, 2014.
The company reported a net profitofAED60 million, an increase of more than 23-fold, compared to AED2.5 million inthe first quarter of 2013.
Earnings per share are upfrom Dhs0.008 a year earlier to AED0.181at the end of Q1 2014.
Gross insurance premium rose by 45% to AED139.1 million as of 31/3/2014compared to AED96.2 million for thesame period last year. Also, the company’s total assets increased from AED688 million at first quarter-end 2013 to AED878millionas of 31March 2014.
Meanwhile, gross technical profittotaled AED18.9million, up 51% compared to AED12.5 million reported a year earlier.
Union Insurance Company’s robust financial results reflect the steady growth in underwriting premium, improvement in claims and combined ratios, expansion of its innovative solutions range as well as increase in investment income.
The company’sfinancial stability was recently recognized by AM Best which assigned the company a rating of B++ (Good) reflecting Union Insurance’s solid risk-adjusted capitalisation and strong track record of its senior management team.