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Union Insurance unveils accumulated losses as of end-September 2023

Union Insurance unveils accumulated losses as of end-September 2023
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Union Insurance
UNION
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Abu Dhabi – Mubasher: The accumulated losses of Union Insurance Company have reached AED 166.62 million as of 30 September 2023, according to a bourse filing.

The amount of Union Insurance’s accumulated losses represents 50.34% of its capital.

The company noted that it aims to improve profitability and eliminate accumulated losses by fast-tracking the collection of outstanding premiums in addition to focusing on profitable business lines.

At the end of 2022, the accumulated losses of the listed firm totalled AED 120.70 million, which marked a decrease when compared to AED 132.80 million in 2021.

It is worth mentioning that Union Insurance currently has Ramez Abu Zeid as its Acting CEO, who assumed his position at the beginning of December 2023.