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Union Insurance posts 40pc jump in premium

18/05/2016 05:57 AST

Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organisations in the region, has reported a 40 per cent increase in gross insurance premium during the first quarter of 2016.

The premiums went up from Dh172 million ($46.81 million) posted in Q1 2015 to Dh242 million at the end of March 2016.

The company posted a net profit of Dh53,000 for the first three months of 2016 compared to a net loss of Dh17 million for the same period last year.

The company's total assets increased from Dh1.1 billion at year-end 2015 to Dh1.3 billion as of March 31, 2016. Union Insurance posted a gross technical profit in first quarter of 2016 of Dh25 million compared to Dh27 million in Q1 2015.

The company's investments reported a loss of Dh5.4 million. 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 Dh330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and Middle East region.

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