Green Crescent Insurance Company (PJSC), the leading group health and life insurance Company in the UAE, has released its financial statements for the year ended 31 December 2012 reporting a drastic improvement in its results. The company managed to improve its technical results by over AED 14 million during the year, going from a loss of AED 1.26 million in 2011 to a technical profit of AED 13.37 million, that is over 1165% improvement in one fiscal year..
As promised to its shareholders during the last Annual General Meeting in 2011 at which the Board of Directors unveiled a new strategy that focuses on improving the bottom line results, the company successfully delivered its promise and improved its net results significantly by over 60.2% from a net loss of AED 43.8 million to AED 17.4 million
Furthermore, the organizational restructuring and business re-engineering implemented in 2012 has contributed to the fruitful results by way of reducing the operational expenses of the company by 28.4% compared to 2011, reaching AED 38.1 million only.
Commenting on the reported results, Dr. Hazem Al Madi, CEO of Green Crescent Insurance Company said: "We are pleased to announce that we have exceeded our targeted improvement for the year 2012, we have been able within an extraordinary time period to achieve a significant improvement in our technical and financial results. This can be attributed to the great vision of our Board or Directors, the team´s hard work, and the new strategies and methodology applied to the business this year"
"As we move into 2013, Green Crescent will continue to focus on improving its bottom line results and we expect the performance trends of the recent quarters to continue beyond 2013 as we aim to deliver the desired long-term shareholder value." added Dr. Al Madi.
AXA Green Crescent Insurance Company (AXA Green Crescent) is part of AXA Group, a worldwide leader in insurance and asset management. Headquartered in Abu Dhabi, AXA Green Crescent has been created post a strategic alliance between AXA Group, Kanoo Group and Green Crescent Insurance Company (GCIC). GCIC was founded in 2008 as a public joint stock company to provide tailor-made health and life insurance solutions to groups and corporate clients. AXA Green Crescent now aims to offer life protection and savings solutions to customers in the UAE, making AXA Gulf a one stop shop for all insurance needs.
AXA in the Gulf