Insurance House’s premiums grow 39 per cent

Insurance House’s, or IH, Gross Premiums Written (GPW) during the half year ending June 30, 2014 totalled Dh58.09 million, nearly 39.2 per cent higher year-on-year.

The Net Written Premiums during the first half of 2014 rose by 23 per cent to reach Dh31.11 million, compared to Dh25.29 million during the same period in the previous year. Finance House group insurance provider registered a net profit of Dh4.21 million during the half year ending June 30, 2014. Its net underwriting profit for the period was lower at Dh3.61 million compared to the same period last year, due to higher amount of claims paid under Motor & Medical Insurance Policies.

Mohammed Abdulla Alqubaisi, chairman of Insurance House, said: “In an increasingly competitive insurance industry environment in the UAE, top line growth achieved by the company during the first half of 2014 is commendable.”

He said that the challenge ahead was to translate this top line growth into sustained improvement in net underwriting profit. “We are ready for this challenge,” he said.

Underwriting profit from core insurance business was complemented by robust returns generated from a well-diversified and professionally managed proprietary investment portfolio. Income from investing activities during the first half of 2014 more than doubled to Dh13.75 million, compared to Dh5.18 million logged during the same period of the previous year.

Total assets grew to Dh259.83 million, as of June 30, 2014 compared to Dh125.80 million when the company commenced operations nearly three years ago. Total shareholders’ equity strengthened to Dh143.30 million, in the same period compared to Dh140.27 million as of December 31, 2013. This is comfortably above the minimum required capital of Dh100 million mandated by the UAE Insurance Authority.

• haseeb@khaleejtimes.com