Union Insurance Reports strong financial performance for 2024
Dubai, UAE - Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and organisations in the region, has reported strong financial results for 2024. The company's net profit has surged from a loss of AED2.5 million posted in 2023 to AED38.3 million in 2024.
As of 31 December 2024, Total Assets have grown to AED 1.514 billion compared to AED1.457 billion reported in the same period last year. Total Shareholders' Equity has grown from Dhs205 million in 2023 to AED243.3 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.
About Union Insurance Company
Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Central Bank and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and wider Middle East.
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