Union Insurance reports Dh38.3 million profit compared to Dh2.5 million loss in 2023

21/03/2025 06:25 AST

Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and organisations in the region, on Thursday reported that its net profit surged from a loss of Dh2.5 million posted in 2023 to Dh38.3 million in 2024.

As of December 31, 2024, total assets have grown to Dh1.514 billion compared to Dh1.457 billion reported in the same period last year. Total shareholders' equity has grown from Dh205 million in 2023 to Dh243.3 million in 2024.

'We are proud of our strong financial results that reflect the resilience of our business and the success of our sustainable growth strategies." says Ramez Abou Zaid, Chief Executive Officer, Union Insurance Company. "The restructuring of our operations and the investment portfolio has resulted in improved liquidity and solvency."

"The strong financial performance, despite the unprecedented claims due to the floods in 2024, reflects prudent underwriting, strong reinsurance arrangements and the trust and faith of our clients," he added.

Earlier in 2024, Fitch Ratings has assigned the company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a Positive Outlook reflecting potential improvement in financial performance following management actions to improve the profitability of Union's underwriting book. The rating signifies strong capitalisation, good company profile and strong reinsurance protection.


Khaleej Times

News

Union Insurance Company reports nine-month profit of Dh6.3m

15/11/2017

Union Insurance Company has reported a net profit of Dh6.3 million for the first nine month ended September 30 compared to a net loss of Dh12.8 million for the same period last year.

Gross i

Gulf News

Union Insurance gets nod to suspend share trading

12/06/2017

Union Insurance said on Sunday it had received the nod from Securities and Commodities Authority (SCA) to suspend share trading in its shares in anticipation of the finalisation of its capital restru

Gulfnews

Union Insurance posts 40pc jump in premium

18/05/2016

Union Insurance Company, a leading provider of innovative customer-focused insurance products to individuals and organisations in the region, has reported a 40 per cent increase in gross insurance pr

Trade Arabia

Most Viewed Companies

Ticker Price Volume

Valuation

UNION Sector Market
P/E
Price/BookValue

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
IHC 392.00 2.00 (0.51%)
INVESTB 3.16 0.15 (4.98%)
FAB 18.16 -0.22 (-1.20%)
EMIRATESNBD 30.68 1.00 (3.36%)
ADCB 13.20 -0.20 (-1.50%)

Recent News

NBK's eSavings Account: A 100% digital savings experience that is smarter, easier

13/04/2026

National Bank of Kuwait announced the launch of its eSavings Account, a fully digital savings account designed to help customers build effective savings plans and effortlessly achieve their financial

Kuwait Times

Zain Kuwait clinches triple titles from Ookla Speedtest

13/04/2026

Zain Kuwait has added another major international win to its growing record of network leadership accolades, winning three prestigious awards from Ookla Speedtest - the world's leading platform for n

Kuwait Times

ADNOC Gas, Fertiglobe named top picks in Bernstein's MENA energy call

13/04/2026

Bernstein has initiated coverage on the MENA energy sector with a bullish view on UAE-listed ADNOC Gas and Fertiglobe, naming both among its top investment picks and pointing to strong cashflow visib

Gulfnews

District cooling enhances efficiency in challenging times: opinion

13/04/2026

In light of growing economic and environmental challenges, energy efficiency has become a top priority for governments and societies alike.

As global temperatures continue to rise and energ

Trade Arabia

Gulf Bank issues its 2025 Sustainability Report

10/04/2026

Gulf Bank has issued its sixth annual Sustainability Report for the year 2025, titled "Converting to a Sustainable Path," highlighting the Bank's ESG progress and performance. The report reflects the

Kuwait Times

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap