Green Crescent Insurance Company (PJSC), the leading group health and life insurance company in the UAE reported a remarkable improvement in its financial results through achieving an underwriting profit of AED 2.8 million for the quarter ended June 30, 2012 compared to a loss of AED 7.7 million for the same period in 2011.
The company has also trimmed its per share losses by 68% over the last year, incurring a net loss of AED 5.3 million (AED 0.02 per share) compared to a net loss of AED 16.7 million (AED 0.07 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 AED 8.3 million, a 35.4% decrease compared to the second quarter of 2011.
Commenting on the company´s performance and future outlook, Dr. Hazem Al Madi, CEO 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."
"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.
It is worth mentioning that Green Crescent has recently relocated its head office to the Corniche Tower on Corniche Road, in order to centralize the company´s operations.
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