Insurance House net profit soars in 6M

Insurance House net profit soars in 6M

Insurance House’s net profit has more than tripled to AED 6.63 million in the first six months of 2018, compared to AED 2.11 million in the year-ago period.

Gross premiums written during the period between January and June stood at AED 124.59 million versus AED 130.78 million a year earlier, according to a company statement.

“We will strive to sustain our significantly improved performance throughout 2018 and beyond,” Insurance House’s chairman Mohammed Abdulla Jumaa Alqubaisi commented.

Meanwhile, the Abu Dhabi-listed insurer incurred AED 35.09 million in net claims in the first half of the year, down 34.7% from the comparative period in 2017.

This decline is a manifestation of the company’s strategic and tactical measures to lower the cost of claims across all its business lines, Insurance House said.

Net Underwriting Income soared 64.7% year-on-year to AED 30.24 million in the six-month period ended 30 June.

“With the addition of a stable rent-yielding investment property in Q1 2018, the Investment Income earned during the first half of 2018 rose to AED 3.1 million compared to AED 812,000 in the same period of last year,” The company’s CEO Mohammed Othman said.

-Mubasher