UAE: Fidelity United swang back to profit in 2019

Source: Middle East Insurance Review | Mar 2020

Fidelity United is back in the black and posted a net profit of AED1.4m ($381,212) in 2019, compared to a net loss of AED9.4m in 2018. GWP grew by 51% y-o-y to AED221.3m in 2019.

The insurer said its net premium earned increased by 76% compared to 2018, reflecting the company’s strategy towards higher retention and prudent risk selection. Its strategy towards risk selection has also resulted in a very positive outcome, with underwriting profit surging by 210% compared to 2018. This was a result of conscious growth measures put in place to safeguard the company’s profitability despite the challenging environment.

“The company went through a full restructuring, rebranding its image and name. The new leadership team has worked towards putting controls in place and set up a risk appetite with an accelerated strategy that lead the company towards its long-term vision of playing a major role in the UAE market,” said Fidelity United. M

AED1 = $0.27

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