Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organisations in the region, has reported a net profit of Dh43.8 million ($11.9 million) for the first nine of the year.

The reported figures are an increase of 60 per cent compared to a net profit of Dh27.3 million ($7.3 million) for the same period last year.

Earnings per share strengthened to Dh0.132 ($0.04) at the end of Q3 this year compared to per-share profit of Dh0.083 ($0.02) in 2013.  

Gross insurance premium rose by 58 per cent to Dh414 million ($112.7 million) in the first nine months compared to Dh263 million ($71.6 million) for the same period last year. The company’s total assets increased from Dh688 million ($187.3 million) at year-end 2013 to Dh854 million ($232.5 million) as of September 30.

Meanwhile, gross technical profit totalled Dh70.7 million ($19.2 million), up 104 per cent compared to a profit of Dh34.7 million ($9.4 million) reported a year earlier.
 
The company received a rating of B++ (Good) by AM Best which reflects Union Insurance’s solid risk-adjusted capitalisation and strong track record of its senior management team. – TradeArabia News Service