UAE: Union Insurance reports robust increase in 1H GWP

Source: Middle East Insurance Review | Oct 2016

Union Insurance Company has announced a robust increase of 34% in GWP to AED442 million (US$162.5 million) for the first half of this year compared to AED331 million for the same period last year.

Union Insurance’s gross technical profit rose by 7.6% to AED57 million for the six months to June 2016, the company said in a statement.

However, the insurer’s net result after investment income was a loss of AED4.3 million for the first half of 2016 compared to a net loss of AED7.4 million for the first six months of last year.

The company’s total assets increased from AED1.1 billion at 31 December 2015 to AED1.3 billion at 30 June 2016.

Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance has a paid-up capital of over AED330 million. The insurer provides a wide range of individual and commercial insurance products to clients in the UAE and Middle East region.

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