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