Insurance House posts robust growth
Abu Dhabi, October 21, 2013
Abu Dhabi-based Insurance House has registered a robust increase of nearly 35.6 per cent in its total comprehensive profit for the nine months ending September 30 which rose to Dh9.7 million compared to Dh7.15 million last year.
The gross premiums written (GPW) during the period rose by nearly 67.4 per cent, totaling Dh74.63 million compared to Dh44.58 million underwritten during the first nine months of the previous year, the company said in a statement.
The net earned premiums up to September 30 more than doubled to Dh51.47 million, compared to Dh24.86 million during the same period in the previous year.
As a result, the net underwriting profit after operating expenses more than doubled (up 120.3 per cent) to Dh10.18 million, compared to Dh4.62 million achieved during the first nine months of last year, it stated.
The underwriting profit from core insurance business was complemented by steady returns generated from a well-diversified and professionally-managed proprietary investment portfolio.
The income from investing activities for the nine months amounted to Dh11.37 million, compared to Dh15.04 million during the same period of the previous year. The latter includes one-off capital gains from disposal of fixed income securities during the previous year, said the statement.
As of September 30, the total shareholders’ equity stood at Dh136.02 million compared to Dh126.68 million as of December 31, 2012. This is comfortably above the minimum required capital of Dh100 million mandated by the UAE Insurance Authority, it added.
Commenting on results, chairman Mohammed Abdulla Alqubaisi said the net underwriting results achieved by the company during the first nine months were commendable.
"It reinforces our belief that even in a saturated market with many players, it is possible to maintain robust top line and bottom line growth, as long as we can successfully design and market innovative products & services that deliver outstanding value to target customer segments," he noted.
In June 2013, the company was adjudged by Banker Middle East Industry Awards as the “Best Local Insurance Company”. Earlier this year, the motor insurance product offering from Insurance House was adjudged as the “Best Motor Insurance Product in the Middle East” under the Product Category Awards.
CEO Ahmad Idris said, “Unrelenting focus on understanding and meeting our customers’ needs, product innovation and superior customer service has helped us to deliver excellent results to date. We intend to maintain this course to achieve sustained profitable growth in the near future as well.”
“We are proud of our achievements to date and are thankful to our loyal customers and employees, without whose support this remarkable performance would not have been possible” he added.-TradeArabia News Service