Insurance House PSC (IH) has maintained its remarkable growth trajectory by registering a net profit of AED 6.33 Million for the first half year of 2012.
Abu Dhabi–18 July, 2012 - Insurance House PSC (IH) has maintained its remarkable growth trajectory by registering a net profit of AED 6.33 Million for the first half year of 2012. Net profit reached AED 3.64 Million in the second quarter of 2012, compared to AED 2.69 Million clocked in the first quarter of 2012. This translates to a quarter on quarter net profit growth of 35.34%. Robust incomes generated from Underwriting and Investment activities coupled with tight control on operating costs were the key contributors to this exceptional performance, in the very first year of operations.
Gross Written Premium (GWP) from date of commencement of operations until 30 June 2012 totaled an impressive AED 41.7 Million with over AED 13 Million of GWP underwritten during the second quarter of 2012 alone. Net Underwriting Profit from date of commencement of operations until 30 June 2012 totaled AED 4.86 Million.
Total Assets as of 30 June 2012 grew by 34.5% to AED 355 Million compared to AED 264 Million as of 31 December 2011. Shareholders’ Equity as of 30 June 2012 strengthened to AED 122.4 Million, compared to AED 116.6 Million as of 31 December 2011.
Mohammed Abdulla Alqubaisi, Chairman of Insurance House said: “This is a remarkable achievement for a start-up company that operates in the fiercely competitive and extremely challenging UAE insurance market. This success is attributed to dedicated teamwork focused on meticulous execution of our business strategies and adoption of a “customer-centric” philosophy in the design and delivery of insurance services that are tailored to meet the needs of customers in our target market segments”.
Mohammed Othman, General Manager, Insurance House added: “Our sterling performance in the first quarter of 2012 exceeded expectations and motivated us to maintain momentum in the continued implementation of our business strategies. The outstanding results achieved in the second quarter, further reinforces our belief in the soundness of our strategies and inspires us to aim even higher in the months and years ahead”.
Since inception, Insurance House has crossed several major milestones at a rapid pace, starting with its successful first post-crisis IPO in the UAE and achieving operating break-even in less than 12 months, as opposed to the projected break-even by the end of the second full year of operations according to the IPO Prospectus. Insurance House has earned an excellent reputation which increased customer demand for further expansion across the UAE.