Union Insurance Co PSC (UNION)

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News

22 June 06:42 PM Union Insurance reduces capital by 30.5% to offset accumulated losses

Abu Dhabi - Mubasher: Union Insurance Company reduced its capital by 30.50% from AED 330.93 million to AED 230 million to offset accumulated losses amounting to AED 142.74 million. The transaction will be executed by utilizing AED 41.80 million …

Banking and Finance

7 December 2023 08:30 PM Union Insurance unveils accumulated losses as of end-September 2023

Abu Dhabi – Mubasher: The accumulated losses of Union Insurance Company have reached AED 166.62 million as of 30 September 2023, according to a bourse filing. The amount of Union Insurance’s accumulated losses represents 50.34% of its capital. The …

Financial Results

28 November 2023 10:01 AM Union Insurance appoints Abu Zeid as Acting CEO

Abu Dhabi – Mubasher: Union Insurance Company has named Ramez Abu Zeid as Acting CEO, effective from 1 December 2023. The appointment is still subject to the approval of the Central Bank of the UAE (CBUAE), according to a bourse filing. In the …

Corporate Actions

24 April 2023 01:22 PM Union Insurance unveils accumulated losses as of end-2022

Abu Dhabi – Mubasher: Union Insurance Company announced that its accumulated losses have reached AED 120.70 million as of 31 December 2022. The amount registered at the end of last year represented a 9% decline from AED 132.80 million as of 31 …

Financial Results

18 September 2022 03:13 PM Union Insurance’s accumulated losses hit over 35.5% of capital

Abu Dhabi – Mubasher: Union Insurance Company has registered accumulated losses worth AED 117.86 million as of 30 June 2022. The accumulated losses’ value accounted for 35.60% of the AED 330.93 million capital, according to a recent bourse filing. …

Financial Results

12 November 2019 10:13 AM Union Insurance logs 79% profit rise in 9M

Abu Dhabi – Mubasher: Union Insurance Company, listed on the Abu Dhabi Securities Exchange (ADX), achieved a 79.35% growth in net profit to AED 25.224 million during the nine-month period ended on 30 September, up from AED 14.064 million a year …

Company News

5 August 2019 01:06 PM Union Insurance posts AED 19.6m net profit in H1

Abu Dhabi – Mubasher: Union Insurance Co, listed on the Abu Dhabi Securities Exchange (ADX), has posted a net profit of AED 19.62 million for the first half of 2019, versus AED 9.025 million in H1-18. The company’s gross insurance premium revenue …

Financial Results

29 July 2018 09:43 AM Union Insurance posts AED 9m profit in H1

Abu Dhabi – Mubasher: Union Insurance Co on Sunday posted a net profit of AED 9 million for the first half of 2018, as compared with AED 283,000 during the same period last year. The company’s gross insurance premium fell by 9% year-on-year to AED …

Financial Results

10 August 2017 00:46 PM Union Insurance H1 financials turn profitable

Abu Dhabi – Mubasher: Union Insurance Company achieved a profit of AED 283,000 ($77,000) in the first half of 2017 against a loss of AED 7.08 million ($1.93 million) in H1-16. During the first six months of 2017, Union Insurance posted a growth of …

Financial Results

15 May 2017 10:37 AM Union Insurance Q1 losses rise 24%

Abu Dhabi – Mubasher: Union Insurance Company’s losses for the first quarter of fiscal year 2017 increased 23.6% year-on-year. Net losses amounted to AED 5.5 million ($1.5 million) in Q1-17, compared to AED 4.45 million ($1.21 million) for Q1-16, …

Financial Results

14 February 2017 02:12 PM Union Insurance Q4 losses deepens 622%

Abu Dhabi – Mubasher: Union Insurance Company said Tuesday that its losses for the fourth quarter of fiscal 2016 were deepened by 662% to AED 13 million ($3.5 million), versus AED 1.8 million ($490,000) for Q4-15. Net losses for fiscal 2016 …

Financial Results

30 January 2017 00:16 PM A.M. Best affirms Union Insurance’s ratings

Mubasher: A.M. Best has affirmed Union Insurance Company’s Financial Strength Rating (FSR) at ‘B++’ (Good), and the Long-Term Issuer Credit Rating (Long-Term ICR) at ‘bbb’.  The outlook on the FSR remains stable, while the outlook on the Long-Term …

Ratings

15 November 2016 08:33 AM Union Insurance turns a loss in Q3

Abu Dhabi – Mubasher: Union Insurance swung from profits into losses during the third quarter of the fiscal year 2016, according to a bourse filing on Tuesday.  The company registered AED 2.98 million ($811,130) losses in Q3 versus AED 4.45 …

Financial Results

15 August 2016 08:52 AM Union Insurance turns a loss in Q2

Abu Dhabi – Mubasher: Union Insurance turned into losses during the second quarter of 2016, according to a bourse statement. The insurance firm suffered AED 4.46 million losses ($1.21 million) in the second quarter against a net profit of AED 9.52 …

Financial Results

16 May 2016 00:40 PM Union Insurance appoints new chairman

Abu Dhabi-Mubasher: The board of Union Insurance Co. elected Mohamed Al Mazroui as the chairman and Abdulaziz Al Shehhi as the deputy chairman, according to a bourse statement. The board also appointed Abdulmutallab Al Jaidi as the managing …

Board of Directors

16 May 2016 11:07 AM Union Insurance swings to profits in Q1

Abu Dhabi-Mubasher: Union Insurance Co. turned profitable in the first quarter of 2016, according to a bourse statement. Profits reached AED 52,760 ($14,370) in Q1-16, against losses of AED 16.92 million ($4.6 million) in Q1-15.  

Financial Results

15 February 2016 00:31 PM Union Insurance incurs losses in Q4

Abu Dhabi-Mubasher: Union Insurance Co. turned to losses of AED 1.78 million in the fourth quarter of 2015, against profits of AED 348,000 in the same quarter of 2014, according to a bourse filing on Monday. In the fiscal year 2015, the company …

Financial Results

19 November 2015 10:11 AM A.M. Best affirms Union Insurance ratings at B++

Abu Dhabi-Mubasher: A.M. Best maintained Union Insurance Company's financial strength rating (FSR) at B++ (Good) and the issuer credit rating (ICR) at “bbb”. The rating agency’s outlook for the FSR remains stable, while the outlook for the ICR …

Ratings

10 November 2015 09:05 AM Union Insurance turns to losses in 9M

Abu Dhabi-Mubasher: Union Insurance Co. reported losses of AED 2.95 million ($803,000) in the first nine months of 2015, against net profits of AED 43.75 million ($11.9 million) in the same period of 2014, according to a bourse filing on Tuesday. …

Financial Results

12 August 2015 10:30 AM Union Insurance turns to loss in H1

  Abu Dhabi – Mubasher: Union Insurance Co. reported turning to losses in the first half of the year with AED 7.4 million ($2 million) against a net profit of AED 23.64 million ($6.4 million) in H1-14, according to a bourse filing on Wednesday. …

Financial Results

10 March 2015 10:17 AM Union Insurance profits drop 34% in 2014

 Abu Dhabi – Mubasher: Union Insurance Co. announced a decline in its net profits for 2014 by 33.85% to AED 44 million ($12 million) compared to AED 66.7 million ($18.15 million) in 2013.Earnings per share (EPS) retreated to AED 0.13 in 2014 …

Company News

4 January 2015 10:35 AM Union Insurance receives buy-back approval

Union Insurance has announced receiving an approval by the Securities and Commodities Authority (SCA) to buy back 10% of its shares.The Company, which is listed on the Abu Dhabi Securities Exchange (ADX), highlighted that the buy-back …

Corporate Actions

16 August 2014 10:57 AM Union Insurance's H1-14 profit rises 12%

Union Insurance Company (UIC) has posted financial results for H1-14, showing that net profit increased 12 % to AED23.6 million compared to AED21.2 million a year earlier. This has resulted in earnings per share rising from AED0.064 …

Company News

10 August 2014 11:41 AM Union Insurance Board to meet August 13 over financials

Union Insurance Company announced, in a statement to the Abu Dhabi Securities Exchange (ADX), that the Company’s Board of Directors will convene on Wednesday, August 13, 2014 to discuss the Company’s financials for the second quarter …

Financial Results