News

United Insurance Company reports 60% profit slide

United Insurance Company has posted an AED8m net profit for the first half of the year, down 60 per cent on the same period last year.

In its latest financial results, the insurer saw net profits drop from AED19.9m in the first half of 2009, to AED8m for the corresponding period this year.

Net underwriting income also dropped 62 per cent to AED8.2m for the six-month period, from AED21.4m for the first half of last year.

However, gross written premium increased 33 per cent to reach AED69.3m for the first half of this year, compared to AED52m last year.

A statement from UIC said: “We are confident that the year 2010 will be another strong year for the company.”