Abu Dhabi – May 04, 2021 - Insurance House PSC (IH) registered a 28% increase in Net Profit to reach AED 4.01 million in the first three months of 2021, compared to a Net Profit of AED 3.14 million registered in the corresponding period of the previous year, demonstrating a robust performance that affirms its position in the insurance sector.
Mohammed Abdulla Alqubaisi, Chairman of Insurance House, commented: “Insurance House’s noticeable increase in Net Profits allows it to maintain its strong position in the sector and confirms that it is well positioned to take advantage of the predicted upswing in economic activity”.
“We are optimistic that business in the UAE will gather further momentum throughout the remainder of the year”, Alqubaisi added.
Insurance House’s liquidity position continues to be extremely robust, with cash, cash equivalents and fixed deposits with rated financial institutions accounting for nearly 19.28% of Total Assets as of 31 March 2021.
Insurance House’s Net Premiums Earned during the first three months of the year held steady at AED 36.90 million, while its Net Underwriting Income reached AED 11.73 million, and Net Claims Incurred accounted for AED 19.91 million.
In the first 3 months of 2021, general and administrative expenses were broadly in line with our expenditure budget and lower by nearly 10% compared to the same period of the previous year. More initiatives are underway to streamline expenses even further.
Mohammed Othman, Chief Executive Officer of Insurance House, said: “Our strategy is to complete on the basis of innovative product offerings and superior service quality. We continue to remain focused on improving our digital service delivery capabilities across all business lines. Going forward, profits from core insurance activities will be driven by improved digital service delivery capabilities, continuous fine-tuning of risk underwriting techniques and enhanced claims management processes.”