Green Crescent's Financial Results Continue to Improve

01/08/2013 10:27 AST

Green Crescent Insurance Company (PJSC), the leading group health and life insurance Company in the UAE, has released its financial results for the second quarter of the year 2013 which clearly reflect progressive improvement in the company's performance compared to the previous year.

Noticeably, the company improved its technical results, a clear indicator of the performance of any insurance company, by 498% going from AED 1.43 million in the first half of 2012 to AED 8.6 million for the same period this year. In addition, the company's net results improved significantly from a loss of AED 5.3 million in the second quarter of 2012 to a net profit of AED 1.3 million in 2013, that is 125% improvement in one fiscal year.

In line with its well-defined growth strategy that focuses on bottom line results, Green Crescent also increased its Gross Written Premium in the second quarter by 43.3%, reaching AED 58.4 million in 2013 compared to AED 40.8 million for the same period in 2012.

The business re-engineering and organizational restructuring implemented in 2012 continue to contribute to the fruitful results by way of reducing the operational expenses of the company by 17% compared to the same period of 2012, reaching AED 6.9 million only, indicating higher efficiency and better stream-lining of internal processes.

Commenting on the reported results, Dr. Hazem Al Madi, CEO of Green Crescent Insurance Company said: "We are highly satisfied with the results for the first half of the year and we aim to continue this trend of strong performance in 2013. The insurance market in the UAE is still facing many challenges; however, we are confident that with the leadership and support of the Board of Directors and the highly qualified team on board, we will achieve the desired value for all our stakeholders."

Green Crescent has also recently added several new plans and benefits to its health and life insurance product line aiming to increase its client base and enhance its flexibility to better satisfy the requirements of all its corporate clients.

Press Release