Please wait...
GulfBase Live Support
- Union Insurance reports Dh38.3 million profit compared to Dh2.5 million loss in 2023
- Dubai ranks among top five cities globally for fintech
- Al Mal Capital REIT announces Dh20.55 million final dividend for the financial year 2024
- Opec+ issues new plan for oil cuts to compensate for overproduction
- Etihad IPO not the end goal but a natural progression, says airline CEO
- Gold Scales Record Peak as Fed Signals Two Rate Cuts in 2025
- Oil Prices Rise on Strong Demand Outlook, Weaker US Dollar
- Dollar Inches Higher as Fed's Signals No Rush to Cut Rates
- Media City Qatar, Bloomberg Media announce inaugural Global Advisory Council for QEF 2025
- Commercial Bank holds AGM and EGM
21/03/2025 06:25 AST
Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and organisations in the region, on Thursday reported that its net profit surged from a loss of Dh2.5 million posted in 2023 to Dh38.3 million in 2024.
As of December 31, 2024, total assets have grown to Dh1.514 billion compared to Dh1.457 billion reported in the same period last year. Total shareholders' equity has grown from Dh205 million in 2023 to Dh243.3 million in 2024.
'We are proud of our strong financial results that reflect the resilience of our business and the success of our sustainable growth strategies." says Ramez Abou Zaid, Chief Executive Officer, Union Insurance Company. "The restructuring of our operations and the investment portfolio has resulted in improved liquidity and solvency."
"The strong financial performance, despite the unprecedented claims due to the floods in 2024, reflects prudent underwriting, strong reinsurance arrangements and the trust and faith of our clients," he added.
Earlier in 2024, Fitch Ratings has assigned the company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a Positive Outlook reflecting potential improvement in financial performance following management actions to improve the profitability of Union's underwriting book. The rating signifies strong capitalisation, good company profile and strong reinsurance protection.
Khaleej Times
15/11/2017
Union Insurance Company has reported a net profit of Dh6.3 million for the first nine month ended September 30 compared to a net loss of Dh12.8 million for the same period last year.
Gross i
Gulf News
12/06/2017
Union Insurance said on Sunday it had received the nod from Securities and Commodities Authority (SCA) to suspend share trading in its shares in anticipation of the finalisation of its capital restru
Gulfnews
18/05/2016
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 pr
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| IHC | 401.50 | 0.00 (0.00 |
| FAB | 13.26 | -1.00 (-7.02 |
| EMIRATESNBD | 19.55 | 0.10 (0.51 |
| ADCB | 10.70 | 0.14 (1.32 |
| EIB | 11.95 | 0.00 (0.00 |
21/03/2025
Al Mal Capital REIT (AMCREIT), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments, has announced
Khaleej Times
21/03/2025
General assembly approves all items on agenda including board's recommendation to distribute a cash dividend of QR0.30 per share
Commercial Bank held its Annual and Extraordinary General Mee
Gulf Times
21/03/2025
Saudi Aramco has unveiled the Kingdom's first direct air capture test unit, marking a significant milestone in its mission to reduce emissions and advance carbon capture technology for a sustainable
Arab News
20/03/2025
Gulf Warehousing Company (GWC) has announced "successful renewal" of its ISO 31000:2018 record of verification certificate by Lloyd's Register Quality Assurance (LRQA).
This milestone unders
Gulf Times
20/03/2025
Passavant Energy & Environment, a German subsidiary of UAE-based Drake and Scull International (DSI), has announced that it has secured a major contract for a 70 million liters per day (MLD) water tr
Trade Arabia
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia