Sunday 13, August 2017 by Nabilah Annuar

Union Insurance Company reports 19 per cent hike in premiums in the first half

Union Insurance Company has announced its financial results for the first half of 2017.

The company reported a robust increase of 19 per cent in gross insurance premium, up to AED 528 million as at 30 June 2017 compared to AED 442 million for the same period last year. The company’s total assets increased from AED1.4 billion at year-end 2016 to AED 1.7 billion as of 30 June 2017.

After the adjustment of investment loss, the net profit was AED283 thousand for H1 2017 compared to a net loss of AED 7 million for the same period last year. This is due to the company’s stringent policy, selectivity in businesses and proper controls in underwriting operations.