United Insurance Company trims loss, but survival still in question

13/05/2015 01:27 AST

United Insurance Company remains mired in uncertainty over its survival as an ongoing financial concern, despite trimming losses for the first quarter of the year.

The Ras Al Khaimah-based insurer yesterday announced a first-quarter loss of Dh7.1 million compared with a loss of Dh9.1m a year earlier, thanks to a Dh3.5m gain on the sale of some of its investments during the first three months of the year.

The gain only partially masked decreases in net insurance premium revenue and increasing underwriting losses.

United Insurance remains in dire financial straits, its accumulated losses deepening to Dh80.5m at the end of March, compared with Dh14.3m at the a year earlier.

The insurer has since September been in breach of UAE companies law that requires a company's accumulated losses not to exceed 50 per cent or be less than its share capital.

In such circumstances, the company is required by law to hold an extraordinary general meeting to determine whether it should cease operations.

"The board of directors has commenced an assessment in relation to the capital requirement of the company, and after reviewing the options will convene an extraordinary general meeting after meeting the necessary legal and regulatory requirements," the company said.

The insurer's stocks have not traded since April last year, and the shares remained unchanged yesterday on the Abu Dhabi Securities Exchange at Dh2 each.


The National

News

United Insurance announces extension of rights issue

18/05/2017

United Insurance Company said it has received the approval from the Securities and Commodities Authority to extend the subscription period for shares to increase the company's capital.

The

Gulfnews

Union Insurance gross premiums rise 12 per cent in first half

17/08/2015

Union Insurance Company said on Sunday it reported a 12 per cent rise in gross insurance premium in the first half to June.

The company reported a gross insurance of Dh331 million in the f

Gulfnews

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

13/08/2014

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 compare

CPI Financial

Most Viewed Companies

Ticker Price Volume

Valuation

FIDELITYUNITED 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 389.80 4.80 (1.24%)
FAB 17.58 0.12 (0.68%)
EMIRATESNBD 29.96 1.26 (4.39%)
ADCB 14.86 0.86 (6.14%)
ADIB 21.20 0.28 (1.33%)

Recent News

NBB plays key role as Joint Lead Manager in Bahrain's $1bn sovereign bond issue

18/06/2026

National Bank of Bahrain (NBB) acted as Joint Lead Manager and Bookrunner in Bahrain's successful $1 billion 10-year international bond issuance.

The bank's involvement reinforces its role

Trade Arabia

NBK launches rewarding cashback offers for new credit card customers

18/06/2026

As part of its firm commitment to providing a seamless and comprehensive digital banking experience, and its continuous dedication to rewarding its customers and delivering added value that meets the

Kuwait Times

Al Mohafaza Education Reschedules Interest-Free Loan with Related Party

17/06/2026

Al Mohafaza Company for Education has announced the rescheduling of an interest-free loan obtained earlier this year from Maroum Drilling Medical Services Company, a related party. The loan, valued a

Gulfbase

Dar Al Majed Real Estate Expands Presence with New Jeddah Sales Center

17/06/2026

Dar Al Majed Real Estate Company, known commercially as Al Majdiah, has announced the official opening of its new sales center in Jeddah. The facility is strategically located on King Abdulaziz Road

Gulfbase

NBB unveils Summer Cashback Campaign

17/06/2026

THE National Bank of Bahrain (NBB) has launched its Summer Cashback Campaign, offering credit cardholders the opportunity to maximise their international spending during the peak vacation season.

GDN Online

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