Magazine date:
Mar 2013 Emirates Insurance Company (EIC) has reported an increase in its earned premiums from 3.8% at 244 million AED (66.4 million USD) in 2012. This increase is accounted for by the strengthening of the motor business and by the underwritings of its international risks department.
Gross premiums stagnated (+0.3%) at 645 million AED (175 million USD) during the year. Net income decreased by 5.6% at 101 million AED (27 million USD).
The 4% decrease of the net investment income at 52.6 million AED (14.3 million USD) is behind the decline of the net profit. The market’s competitive environment has pushed the underwriting results down by 9.7%. Management says, however, that margins achieved remain quite sound.