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FINANCIAL NEWS
UAE’s GPW reach USD15m in H1
17 Jul 2014
(MENAFN) The gross premiums written (GPW) in the UAE during the first six months of 2014 were estimated at USD15.81 million, posting 39.2 percent rise than the underwritten in same period a year earlier, according to the Emirates 24/7.
The net written premiums during the first half of 2014 boosted by 23 percent to reach USD8.468 million, compared to USD6.88 million during the same period in 2013.
Insurance House (IH) registered net profit of USD1.1459 million during the half year ending 30 June 2014.
Net underwriting profit was lower at USD0.982 million in the first six months of 2014 compared to the same period in 2013, due to higher amount of claims paid under motor and 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. The challenge ahead is to translate this top line growth into sustained improvement in net underwriting profit. We are ready for this challenge.”
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