Union Insurance Company (UIC), a leading provider of insurance products, reported that its net profit has increased 12 per cent to Dh23.6million ($6.4 million) in the first six months (H1) of the year compared to Dh21.2 million a year earlier.

This has resulted in earnings per share rising from Dh0.064 in the first half of 2013 to Dh0.071 in H1 2014, a statement said.

Gross insurance premium stood at Dh295 million in H1 compared to Dh187 million reported in the same period last year, an increase of 58 per cent.  UIC’s total assets rose from Dh688 million as of 31 December 2013 to Dh868 million as of 30 June 2014.

Technical profit amounted to Dh49.2 million, up 94 per cent, compared to Dh25.4 million as at 30 June 2013. – TradeArabia News Service