Abu Dhabi – Mubasher: The net profits of Insurance House (IH) rose by 28% to AED 4.01 million during the first quarter (Q1) of 2021, compared to AED 3.14 million in the year-ago period.
The insurer's net earned premiums reached AED 36.9 million in the first three months of 2021, according to a press release on Tuesday.
Meanwhile, the company's net underwriting income and incurred net claims recorded AED 11.73 million and AED 19.91 million, respectively, in Q1-21.
The Chairman of Insurance House, Mohammed Abdulla Alqubaisi, said: "Insurance House’s noticeable increase in Net Profits allows it to maintain its strong position in the sector and confirms that it is well-positioned to take advantage of the predicted upswing in economic activity."
Meanwhile, the CEO of Insurance House, Mohammed Othman, commented: "Going forward, profits from core insurance activities will be driven by improved digital service delivery capabilities, continuous fine-tuning of risk underwriting techniques and enhanced claims management processes."
It is noteworthy to mention that in 2020, the company registered net profits of AED 10.885 million, down from AED 16.166 million in 2019.
