UAE-based Union Insurance Company has posted a 24 per cent increase in gross insurance premium, amounting to Dh172 million ($46.8 million) for the first quarter (Q1) of the year compared to Dh139 million for the same period last year.

The company’s total assets increased from Dh890 million at year-end 2014 to Dh907 million as of March 31.

Union Insurance’s gross technical profit rose 43 per cent, from Dh19 million as of 3March 31, 2014 to Dh27 million reported in 2015.

The company’s investments reported a loss of Dh25 million which resulted in a net loss of Dh17 million for Q1 2015 compared to net profit of Dh60 million for the same period last year.  Loss per share is Dh0.051 compared to per-share earnings of Dh0.181 a year earlier.


A M Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company reflecting the company’s strong risk-adjusted capitalisation, developing business profile and improving technical performance. – TradeArabia News Service