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 December 2021, according to a bourse disclosure.

The listed company previously announced that its accumulated losses reached AED 117.86 million as of 30 June 2022.

Union Insurance expected to reduce its accumulated losses over the coming three years, given that it has taken measures to boost the company’s profitability.

In 2022, the insurance firm registered net profits worth AED 18.30 million.

Earlier in the year that ended on 31 December 2021, Union Insurance logged net profits of AED 13.20 million.