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13/05/2015 01:27 AST
United Insurance Company remains mired in uncertainty over its survival as an ongoing financial concern, despite trimming losses for the first quarter of the year.
The Ras Al Khaimah-based insurer yesterday announced a first-quarter loss of Dh7.1 million compared with a loss of Dh9.1m a year earlier, thanks to a Dh3.5m gain on the sale of some of its investments during the first three months of the year.
The gain only partially masked decreases in net insurance premium revenue and increasing underwriting losses.
United Insurance remains in dire financial straits, its accumulated losses deepening to Dh80.5m at the end of March, compared with Dh14.3m at the a year earlier.
The insurer has since September been in breach of UAE companies law that requires a company's accumulated losses not to exceed 50 per cent or be less than its share capital.
In such circumstances, the company is required by law to hold an extraordinary general meeting to determine whether it should cease operations.
"The board of directors has commenced an assessment in relation to the capital requirement of the company, and after reviewing the options will convene an extraordinary general meeting after meeting the necessary legal and regulatory requirements," the company said.
The insurer's stocks have not traded since April last year, and the shares remained unchanged yesterday on the Abu Dhabi Securities Exchange at Dh2 each.
The National
18/05/2017
United Insurance Company said it has received the approval from the Securities and Commodities Authority to extend the subscription period for shares to increase the company's capital.
The
Gulfnews
17/08/2015
Union Insurance Company said on Sunday it reported a 12 per cent rise in gross insurance premium in the first half to June.
The company reported a gross insurance of Dh331 million in the f
Gulfnews
13/08/2014
Union Insurance Company announced its results for the first six months of 2014, demonstrating robust financial performance.
Net profit has increased 12 per cent to AED 23.6 million compare
CPI Financial
| 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 |
19/12/2025
In a move to consolidate its global network of destinations and provide diverse travel options to its valued customers, Kuwait Airways has announced the strengthening of its codeshare agreement with
Kuwait Times
19/12/2025
Ajman Bank has launched a digital extension to expand its bouquet of smart, customer-centric banking services.
The Digital Extension has been designed to provide customers with seamless acce
Khaleej Times
19/12/2025
Tecom Group PJSC, the creator of specialised business districts and communities in Dubai, has launched Phase 4 of Innovation Hub in Dubai Internet City to address rising demand for Grade-A office spa
Khaleej Times
19/12/2025
Acwa Power, the world's largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed a co-operation framework with the African Development B
Trade Arabia
19/12/2025
Saudia Cargo and the Saudi Export Development Authority inked a strategic memorandum of understanding, in a move set to accelerate the international reach of non-oil goods.
The agreement, si
Arab News
Financial Information Co.
Saudi Arabia