Insurance House posts healthy 2013 results.
Insurance House held its second annual general meeting and presented positive annual results to its shareholders for 2013.
A net profit of Dh9.56 million was registered for the year ended December 31, 2013. Gross premiums written during this reporting period totalled Dh99.13 million. Total assets doubled to Dh254.61 million compared to Dh125.8 million as of April 11, 2011, being the date on which it commenced operations.
In his address to shareholders, Mohammed Abdulla Alqubaisi, chairman of Insurance House, said: "We have closed 2013 by achieving a robust net profit that is 26.7 per cent higher than the net profit recorded in the year ended December 31, 2012. We are delighted with this remarkable performance by such a young enterprise, operating in the fiercely competitive UAE insurance sector. This is an evidence of the importance of investing in qualified human resources, state-of-the-art systems and a robust policies and procedures framework."
"Given the projected market scenario, Insurance House's strategic priorities include increasing gross premiums written without compromising its prudent underwriting guidelines, competing on the basis of superior product and service quality as opposed to price, and continuing to invest in human and technical resources, in addition to technology with a view to further enhance our underwriting and claims management capabilities," added Alqubaisi.
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