UAE: Union Insurance posts 35% rise in premiums

Source: Middle East Insurance Review | Dec 2016

Union Insurance Company has reported a 34.8% increase in gross premiums to AED659 million (US$179.4 million) for the first nine months of the year.

Gross technical profit totalled AED84 million, up 4% compared to a profit of AED80.8 million reported a year earlier. Total assets increased from AED1.1 billion at year-end 2015 to AED1.5 billion as of 30 September 2016.

The insurer’s investments reported a loss of AED28.9 million which resulted in a net loss of AED7.4 million for the first nine months of 2016 compared to net loss of AED2.9 million for the same period last year.

A.M. Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance reflecting the company’s strong risk-adjusted capitalisation, developing business profile and improving technical performance.

AED1 = US$0.27

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