Abu Dhabi-baased Insurance House which began operations last April, has reported a loss of Dh2.47 million ($672,438) for the period until December 31, 2011.

This translates to a marginal loss of 2 fils per share, said the Abu Dhabi-based start-up company

Insurance House said its total assets grew to Dh264 million, compared to Dh125.8 million on the date of commencement of business. Its gross written premiums too rose to over Dh15 million, it added.

Commenting on the results, Insurance House chairman Mohammed Alqubaisi said: “This is a remarkable achievement for a start-up company, which commenced operations less than 8 months ago.”

'In terms of brand recognition and acceptability as a stable insurance services provider, Insurance House has made rapid strides,' he remarked.

'We are already enlisted as an approved insurance provider with reputed insurance brokers across the UAE and have also successfully attracted top-tier local and international companies as our clients,' said Alqubaisi.
 
This is evidenced by the gross written premiums in excess of Dh15 million in a very short span of time,” he added.

During the calendar quarter ending December 31, the company opened two new branches in Dubai and Sharjah in line with its plan to expand the reach of its health insurance coverage to all the UAE residents.

General manager Mohammed Othman said, 'Insurance House is now fully associated with the Traffic Police departments in Abu Dhabi and Dubai, which is mandatory to issue motor insurance policies covering vehicles registered across the UAE.'

'Additionally, the company has signed contracts with renowned agency garages across the UAE to facilitate seamless services to our valued customers,' he added.

On the investment strategy, Alqubaisi said, 'It is robust, well thought out and clearly documented in the Investment Policy Manual that covers asset selection criteria, asset allocation guidelines and exit strategies.'

The company has signed up a professional investment manager, FH Capital, for its investment portfolio advisory and management services.

Looking ahead, Alqubaisi said: 'We look forward to 2012 with optimism and have set ambitious business growth targets and branch expansion plans.'

'Our strategy is sound and we have the necessary mechanisms & structures in place to grow profitably and maximize returns for our shareholders,' he added.-TradeArabia News Service