 | Company: Union Insurance |
| Date of creation: 1988 |
| Classes of business: Life and non life |
| Geographical presence: 5 branches in Abu Dhabi, Dubai, Sharjah, Ajman and Ras Al Khaimah |
Union Insurance: contact
| Head office | Single Business Tower, Sheikh Zayed Road P O Box 119227 Dubai United Arab Emirates |
| Phone | +971 2 6906 555 / (04) 3787 777 (764) |
| E-mail | info [at] unioninsurance [dot] ae |
| Website | https://www.unioninsurance.ae/ |
Union Insurance: rating
| Agency | Rating | Outlook |
| AM Best | B+ | Negative |
Union Insurance: management
| Chairman of the board of directors | HH Sheikh Nasser Bin Rashid Bin Abdulaziz Almoalla |
| CEO | Abdul Muttaleb M. Al Jaedi |
Union Insurance: share capital, shareholder’s equity and shareholding
Figures in USD| | 2021 | 2020 | ▲ |
| Share capital | 90 088 215 | 90 088 215 | - |
| Shareholder’s equity | 64 103 727 | 60 444 818 | 6% |
| Main shareholders | % | | % |
| Al Salem CO | 20.15 | Salem Abdullah Salem Al-Hosni | 9.06 |
| Umm Al Qaiwain General Investments Company | 19.69 | Gulf General Investments Co. | 6.93 |
| Salem Abdullah Salem Al-Hosni | 14.08 | Gulf Falcons General Trading Company | 6.06 |
Union Insurance: turnover and result
Figures in USD
| | 2021 | 2020 | ▲ |
| Turnover | 245 020 594 | 236 262 732 | 3.71% |
| Net result | 3 598 476 | -1 071 458 | 435.84% |
Union Insurance: turnover breakdown per class of business
Figures in USD| | 2021 | 2020 | ▲ | 2021% |
| General insurance (1) | 178 574 414 | 159 324 105 | 12.08% | 72.88% |
| Life insurance | 66 446 180 | 76 938 627 | -13.64% | 27.12% |
| Total | 245 020 594 | 236 262 732 | 3.71% | 100% |
(1) Including property, fire, marine, motor, medical, liability, general accident and miscellaneous risks
Union Insurance: main indicators
Figures in %| | 2021 | 2020 | ▲ |
| Net loss ratio (1) | 53.34 | 51.42 | 3.73 |
| Management expenses ratio(1) | 48.73 | 49.25 | -1.06 |
| Net combined ratio (1) | 102.07 | 100.67 | 1.39 |
| Shareholder's equity / Technical reserves | 13.36 | 15.82 | -15.55 |
| Shareholder's equity / Gross written premiums | 26.16 | 25.58 | 2.26 |
| Net result / Gross written premiums | 1.47 | -0.45 | -423.84 |
| Net result / Shareholder's equity (ROE) | 5.61 | -1.77 | -416.68 |
(1) Calculated only for the non life activity.
Notes:
- Net loss ratio = Net incurred losses (paid losses+outstanding losses ) / Net earned premiums
- Management expenses ratio = Overhead expenses and acquisition costs / Net written premiums
- Net combined ratio = Loss ratio + Management expenses ratio
Exchange rate as at 31/12/2020 : 1 AED = 0.27222 USD ; at 31/12/2021 : 1 AED = 0.27222 USD
