Green Crescent Insurance Company UAE, one of the leading group health and life insurance companies in the UAE, reported an improvement in its financial results, achieving an underwriting profit of Dhs2.8 million for the quarter ended June 30, 2012 compared to a loss of Dhs7.7 million for the same period in 2011.
The company has also trimmed its per share losses by 68 per cent over the last year, incurring a net loss of Dhs5.3 million (Dhs0.02 per share) compared to a net loss of Dhs16.7 million (Dhs0.07 per share) in the same quarter of 2011.
Furthermore, as a result of informed managerial decisions, the operating expenses for the second quarter decreased significantly to reach Dhs8.3 million, a 35.4 per cent decrease compared to the second quarter of 2011.
Commenting on the company’s performance and future outlook Dr Hazem Al Madi, Chief Executive Officer of Green Crescent Insurance, said: “This was a milestone quarter for the company, despite the market challenges we have been able, with the leadership and support of the Board of Directors, to achieve significant improvement in our technical profits and overall financials.”
“We have already implemented a number of initiatives to improve our system and processes to ensure quality service to our clients,” Chief Executive Officer of Green Crescent Insurance said.
“We are confident about the future and we expect continued strong performance in 2012 with outstanding outcomes. This will only be achievable with the continued efforts of our professional team,” added Dr Al Madi.
Green Crescent has recently relocated its head office to the Corniche Tower on Corniche Road, in order to centralise the company’s operations.