UAE- Insurance House registers a 28% increase in net profit
Thursday, 05 06 2021, Category: Insurance and Reinsurance, Country: U.A.E
Insurance House (IH) registered a 28 per cent increase in net profit to reach Dh4.01 million in the first three months of 2021, compared to a net profit of Dh3.14 million registered in the corresponding period of the previous year, demonstrating a robust performance that affirms its position in the insurance sector.
'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, Mohammed Abdulla Alqubaisi, chairman of Insurance House.
'We are optimistic that business in the UAE will gather further momentum throughout the remainder of the year, Alqubaisi added.
Insurance House's liquidity position continues to be extremely robust, with cash equivalents and fixed deposits with rated financial institutions account for nearly 19.28 per cent of total assets as of March 31, 2021.