Insurance House (IH) has registered a total comprehensive profit of Dh4.49 million ($1.22 million) during the first quarter of the year, nearly 29 per cent higher than the total comprehensive profit of Dh3.48 million recorded during the same period last year.

Gross Premiums Written (GPW) during Q1 2014 totaled Dh38.07 million, nearly 65 per cent higher than the Dh23.12 million written during the first quarter of the previous year. Net earned premiums during the quarter were up by 68 per cent to Dh22.55 million, compared to Dh13.42 million in the same quarter of the previous year.

Net underwriting profit after operating expenses was Dh647,000, due to pay-outs arising from higher claims compared to the same period of the previous year.

Underwriting profit from core insurance business was complemented by robust returns generated from a diversified and professionally managed proprietary investment portfolio. Income from investing activities during the reporting period soared to Dh9.26 million, compared to Dh2.45 million during the same quarter of the previous year.

Total assets as of March 31 stood at Dh265.4 million, compared to Dh254.6 million as of December 31, 2013. During the quarter, total shareholders’ equity strengthened to Dh144.8 million as of March 31, compared to Dh140.3 million as of December 31, 2013.

Mohammed Abdulla Alqubaisi, chairman of Insurance House said: “We have carried the positive business growth momentum from the previous year into the current year. Through continuous improvement in risk underwriting norms and enhanced claims management, we should be able to achieve even better results going forward.”

Ahmad Idris, chief executive officer of Insurance House, said: “Since inception, we have constantly challenged ourselves by setting ambitious growth targets and have consistently achieved them despite competitive market conditions. We are thankful to our loyal customers and employees, without whose support, these remarkable achievements would not have been possible.” – TradeArabia News Service