Abu Dhabi-based Insurance House said it has registered healthy results for the second financial year with a net profit of Dh9.56 million ($2.6 million) for the year ended December 31, 2013.

Addressing the second Annual General Meeting, chairman Mohammed Abdulla Alqubaisi said: "We have closed 2013 by achieving a robust net profit that is 26.7 per cent higher than the net profit recorded in the year ended 31 December 2012. We are delighted with this remarkable performance by such a young enterprise, operating in the fiercely competitive UAE insurance sector."

" This is an evidence of the importance of investing in qualified human resources, state-of-the-art systems and a robust Policies & Procedures framework," he noted.

According to him, the group's gross premiums written (GPW) during this reporting period totaled Dh99.13 million. The total assets doubled to Dh254.61 million compared to Dh125.8 million as of 11 April 2011, being the date on which it commenced operations, .

“Given the projected market scenario, Insurance House’s strategic priorities include increasing GPWs without compromising its prudent underwriting guidelines, competing on the basis of superior product & service quality as opposed to price, and continuing to invest in human and technical resources, in addition to technology with a view to further enhance our underwriting and claims management capabilities,” stated Alqubaisi.

Bearing in mind the need to invest for accelerated growth in the near term, the board does not recommend any dividend payment, he added.

On the growth outlook, Alqubaisi said: “We look forward to 2014 with optimism and have accordingly set ambitious business growth targets. Our strategy is sound and is backed by a robust infrastructure that is geared to deliver profitable growth and maximized returns to our shareholders.”-TradeArabia News Service