Union Insurance Company, a leading provider of insurance solutions in the region, has reported a 35 per cent increase in gross insurance premium for the first nine months of the year.

The premium increased to Dh659 million ($179 million) compared to Dh489 million for the same period last year.

Gross technical profit totalled Dh84 million, up 4 per cent compared to a profit of Dh80.8 million reported a year earlier. The company total assets increased from Dh1.1 billion at year-end 2015 to Dh1.5 billion as of September 30, 2016.

The company’s investments reported a loss of Dhs28.9 million which resulted in a net loss of Dh7.4million for the first nine month of 2016 compared to net loss of Dh2.9 million for the same period last year.  

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