9.2 million AED "Insurance House" income

Net income for the first half of 2019 stands at 9.20 million AED, more than double the total net profit of 4.35 million AED for the same period last year.
"This is a real stimulus and a positive indicator that will drive the company forward in light of the challenges of local and regional markets," said Mohammed Abdullah Al Qubaisi, Chairman of the Board.
Although the insurance portfolio was driven by unprofitable contracts, total premiums written in the first six months of 2019 increased by 16.1% to AED 144.66 million, compared to 124.59 million AEDs. from the same period last year.
In addition, claims in the first half of 2019 amounted to AED 43.35 million, compared to AED 35.09 million for the same period last year.
In addition, net claims representing a percentage of earned premiums were settled at 55% in the first half of 2019.
This is directly due to a series of strategic and tactical decisions made by the management of the insurance company to reduce the cost of claims in all lines of business.
As a result, net subscription revenue for the first six months of 2019 increased by 14.6% to AED 26.10 million from AED 22.77 million in the same period a year earlier.
Total investment income from the diversified portfolio increased to AED 6.48 million in the first half of 2019 compared to E1.51 million in the same period last year.
Administrative and general expenses increased during this period compared with the previous year.
"We remain optimistic about the potential for profitable growth in the near future," added Qubaisi.
In the first half of 2019, the insurance company distributed cash dividends for the first time since its inception, which is a significant achievement in the ongoing development of the company.