Abu Dhabi – Mubasher: Insurance House has recorded a 28.9% year-on-year increase in net profit during the full year of 2018, recording AED 10.64 million.

Meanwhile, gross premiums written declined to AED 210.88 million at the end of the previous year, compared to AED 219.47 million a year earlier, according to a company statement.

“Despite intense competition, softer market conditions and elevated pressures on input costs, the Company was able to register a year on year improvement, through well thought out strategies and their effective implementation across all business lines,” Insurance House’s chairman, Mohammed Abdulla Alqubaisi, commented.

Net claims went down 20.84% year-on-year to AED 84.44 million in 2018, the Abu Dhabi-listed insurer’s data showed.

Moreover, net underwriting income surged 24.2% to AED 45.75 million during the same period versus AED 36.85 million in 2017.

“Going forward, profits from core insurance activities will be driven by continuous fine-tuning of our risk underwriting capabilities, increased use of digital channels to extend customer reach and enhanced controls in our claims management processes,” Insurance House’s CEO, Mohammed Othman, said.

In 2018, Insurance House added two new branches in Dubai and Abu Dhabi, solidifying its presence in the UAE.