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FINANCIAL NEWS
UAE- Insurance House posts 35% jump in Q2 profit
19 Jul 2012
(MENAFN) Insurance House’s Chairman, Mohammed Abdulla Alqubaisi, stated that the Abu Dhabi-based firm managed to boost its second-quarter net profit by 35 percent, driven by higher premium growth, reported Emirates 24/7.
Alqubaisi said that net profit reached USD0.990 million during the quarter, up from USD0.732 million recorded in the previous quarter, whereas net profit during the January-June period reached USD1.72 million.
The company’s gross written premium (GWP) during the second quarter exceeded USD3.53 million, whereas GWP from the day the firm started operations till June 30 reached a total of USD11.35 million.
Insurance House, which posted the recent financial results during its first year of operations, said that total assets jumped by 34.5 percent as of June 30 to USD96.62 million, up from USD71.85 million as of December 31, 2011.
It is worth noting that as of June 30, shareholders’ equity increased to USD33.31 million, up from USD31.73 million as of December 31, 2011.
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