Insurance House posts net profit of Dhs7.65m

ABU DHABI: After achieving operating break-even in Q1 2012, Insurance House (IH) has registered a robust net profit of Dhs7.65 million for the nine months ended Sept.30, 2012. Gross Written Premium (GWP) from date of commencement of operations until Sept.30, 2012 totaled an impressive Dhs59.58 million with more than Dhs44.58 Million (75 per cent) of GWP underwritten during the first nine months of 2012 alone.  Gross Premium written during Q3, 2012 totaled Dhs17.86 million compared to Dhs13.73 million in Q2 of 2012, signaling a quarter on quarter growth of 30 per cent. Total Assets as of Sept.30, 2012 grew to Dhs321 million compared to Dhs264 million as of Dec.31, 2011. Shareholders’ Equity as of Sept.30, 2012 strengthened to Dhs123.8 million, compared to Dhs116.6 million as of Dec.31, 2011. Mohammed Abdulla Alqubaisi, Chairman of Insurance House said: “Robust incomes generated from Underwriting and Investment activities coupled with tight control on operating costs were the key contributors to this exceptional performance, in the very first year of operations.” Mohammed Othman, General Manager of IH added: “Our unrelenting efforts aimed at meeting our clients’ needs and exceeding their expectations are clearly manifesting into positive financial results on a sustained basis.” Since inception, Insurance House has recorded exceptional results, starting with its successful first post-crisis IPO in the UAE back in Q1, 2011, and achieving operating break-even in less than 12 months, as opposed to the projected break-even by the end of the second full year of operations according to the IPO Prospectus From Gulf Today