(MENAFN - Khaleej Times) Insurance House has registered a robust net profit of Dh7.65 million for the nine months ended September 30. Gross Written Premium (GWP) from date of commencement of operations until September 30, 2012 totalled Dh59.58 million with more than Dh44.58 million of 75 per cent of underwritten during the first nine months of 2012 alone.
Gross Premium written during Q3 2012 totalled Dh17.86 million compared to Dh13.73 million in the second quarter 2012, signalling a quarter on quarter growth of 30 per cent.
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 Insurance House 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."
Total assets grew to Dh321 million as of 30 September 2012 compared to Dh264 million as of 31 December 2011.
Shareholders' Equity as of 30 September 2012 strengthened to Dh123.8 million, compared to Dh116.6 million as of December 31, 2011. 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.