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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 | 399.50 | 0.00 (0.00 |
| FAB | 16.50 | 0.10 (0.60 |
| EMIRATESNBD | 26.15 | 0.90 (3.56 |
| INVESTB | 0.45 | 0.00 (0.00 |
| ADCB | 14.84 | 0.10 (0.67 |
26/12/2025
As part of its ongoing support for the "Diraya" campaign, and on the occasion of the New Year holiday, Gulf Bank has provided a set of valuable tips to help travelers manage their finances wisely, pr
Kuwait Times
26/12/2025
Dukhan Bank has announced the launch of its UK Winter Spend Campaign, offering customers additional DAwards when using their Dukhan Bank Visa credit cards in the United Kingdom during the winter seas
The Peninsula
26/12/2025
Emsteel Group, a leading integrated steel and building materials manufacturer in the region, has announced a major step toward decarbonising steel production through collaboration with the Emirates N
Trade Arabia
25/12/2025
Ooredoo Qatar has launched its new eSIM solution for Internet of Things (IoT) devices, developed to support enterprises in simplifying device management, enhancing security, and scaling IoT operation
Gulf Times
25/12/2025
Ahlibank has been officially certified to the internationally recognised ISO 22301 standard for Business Continuity Management Systems (BCMS) by Intertek Global International.
This milestone
The Peninsula
Financial Information Co.
Saudi Arabia