Union Insurance reports a 29 per cent increase in gross written premium in 2016
Union Insurance Company has posted an increase of 29 per cent in gross written premium, up to AED 877 million for the year 2016 compared to AED 681 million reported for the same period last year.
The premiums of Life, General, Motor and Medical have increased by 27 per cent, 29 per cent, 52 per cent and 10 per cent respectively and these classes have contributed to 2016 GWP by 31 per cent, 25 per cent, 25 per cent and 19 per cent respectively.
“We are pleased with our healthy financial results despite the competitive market conditions,” says Abdul Muttaleb Al Jaedi, Managing Director & Chief Executive Officer of Union Insurance Company. “Our well-diversified business portfolio has proven to be resilient to the challenges and has registered growth in 2016 in all major lines of business.”
The company’s total assets have increased from AED 1.11 billion at year-end 2015 to AED 1.47 billion as of 31 December 2016. Technical profit reported is up from AED 35 million as of 31 December 2015 to AED 38.5 million in 2016.
Net result after the investment income was a loss of AED 10.4 million compared to a net loss of AED 6.5 million for the same period last year.
A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating (ICR) of “bbb” reflecting the company’s strong risk-adjusted capitalisation, developing business profile and improving technical performance.