Union Insurance Company: Fitch Ratings

UAE insurer Union Insurance Company has received its first rating from Fitch Ratings. The agency assigned a “BBB” rating to the company, with a positive outlook.

Union Insurance closed the 2023 financial year with insurance revenue of 633.537 million AED (172.468 million USD). The company's turnover stood at 726.758 million AED (197.845 million USD) as at 31 December 2023.

Fitch is expecting an improvement in the insurer's profitability over the next 18 to 24 months.

It is worth recalling that Union Insurance has withdrawn from several unprofitable activities in 2023.