Union Insurance reports 12 per cent increase in H1 2014 net profit

13/08/2014 15:24 AST

Union Insurance Company announced its results for the first six months of 2014, demonstrating robust financial performance.

Net profit has increased 12 per cent to AED 23.6 million compared to AED 21.2 million a year earlier. This has resulted in earnings per share rising from AED 0.064 in the first half of 2013 to AED 0.071in H1 2014.

Gross insurance premium stood at AED 295 million in H1 2014 compared to AED 187 million reported in the same period last year, an increase of 58 per cent. UIC's total assets rose from AED 688 million as of 31 December 2013 to AED 868 million as of 30 June 2014.

Technical profit amounted to AED 49.2 million, up 94 per cent, compared to AED 25.4 million as at 30 June 2013.


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