United Insurance's net profit falls 70%

Dubai: United Insurance Company announced a 70 per cent decline in net profit to Dh13.21 million for 2008 from Dh44.11 million in 2007.

The company posted its results on the Abu Dhabi Securities Exchange (ADX) on Monday.

It reported gross underwriting income of Dh33.54 million last year, an increase of 39 per cent compared to Dh24.07 million in the previous year.

United Insurance also reported a 43 per cent increase in direct expenses to Dh11.33 million last year, up from Dh7.92 million in 2007.

The company also reported Dh72.22 million in net premiums, up from Dh54.32 million in 2007. Its net insurance income increased to Dh22.22 million from Dh16.15 million in 2007.

Shareholder's equity as of last December 31 declined by 19 per cent to Dh151.1 million from Dh187.07 million on Dec-ember 31, 2007.

The total assets/equity and liabilities increased by 16 per cent to Dh324.83 million from Dh279.93 million as of December 31, 2007.

United Insurance Company was commissioned in 1978 in the UAE.

Its head office is in Ras Al Khaimah and it has branches in Ras Al Khaimah, Dubai, Sharjah and Abu Dhabi.