Insurance House’s net profit has more than doubled to AED 8.39 million during the first nine months of 2019, compared to AED 3.86 million in the corresponding period of the previous year.
Gross premiums written dropped to AED 165.13 million during the nine-month period ended September, versus AED 180.62 million in the same period of the year before, the company said in a statement on Sunday.
“This is a very encouraging sign for the Company, as the remarkable turnaround in the core business operations of Insurance House gathers momentum,” Insurance House’s chairman commented on the first-half earnings statement.
Net claims incurred declined by 22.4% year-on-year to AED 63 million from January to September 2018, compared to AED 81.17 million.
Meanwhile, the Abu Dhabi-listed insurer said that net underwriting income jumped 42.4% to AED 41.14 million during the January-September period of this year, against AED 28.89 million in the same period of last year.
The investment income earned rose to AED 4.99 million by the end of September, versus AED 2.26 million in the same period of a year earlier.
“We remain optimistic of our profitable growth potential in the near future. Our strategy is to compete on the basis of innovative product offering, improved digital capabilities and superior service quality,” Mohammed Othman, CEO of Insurance House, said.
During the first six months of 2018, the insurance firm’s net profit more than tripled to AED 6.63 million, compared to AED 2.11 million in the year-ago period.