Abu Dhabi: Green Crescent Insurance Company (GCIC) reported sales of Dh67.6 million during the first quarter, an increase of 139 per cent over the same period last year.
The company generated an underwriting gain of Dh3.5 million for the quarter compared with Dh0.9 million for the same period in 2009.
For the quarter ended March 31, the company incurred a net loss of Dh3.9 million compared to a net loss of Dh2.6 million in the same quarter last year. The net loss in 2009 first quarter was lowered due to a reinsurance adjustment amounting to Dh1.1 million, without which the reported loss would have been Dh3.7 million.
GCIC was founded in 2008 as a public joint stock company funded by a paid-up capital of Dh250 million. Operating in the UAE, the company provides tailor-made health insurance solutions to groups and corporate clients in the region.
Carl Sardegna, Chief Executive of GCIC, said: "We are confident about the future, as our products and services continue to be well received by the market."
