Green Crescent Insurance Company (PJSC), one of the leading health and life insurance players in the UAE, has reported a significant improvement in its financial results over the first three quarters of the year, posting 48% improvement in net results and a technical profit of Dhs 5.1 million.
The constructive progress of the company´s performance came as a result to a new strategy adopted by the company´s management this year, which entails focusing on the bottom line results. Accordingly, this has had a remarkable effect on improving the technical results to record a technical profit of Dhs 5.1 million in the third quarter of this year, compared to Dhs 4.1 losses for the same period of the last year.
Furthermore, the organizational restructuring and business re-engineering implemented over the last 12 months, has contributed to the fruitful results by way of reducing the operational expenses of the company by 24.8 % compared to the same period of the last year, reaching Dhs 10.8 million only.
Commenting on the reported results, Dr. Hazem Al Madi, CEO of Green Crescent Insurance Company said: "Despite the challenges the health insurance industry is facing globally and locally, we have been able to achieve within an extraordinary time period, a significant improvement in our technical and financial results and we are on track to meet the targets for the year. 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. We maintain a transparent policy, and we are committed to deliver our promises to our stakeholders".
Green Crescent has planned an Extraordinary General Meeting (EGM) to be held on November 13th, to propose a capital restructuring scheme to its shareholders, aiming to bring the balance sheet in line with the regulatory framework, and to further strengthen the company´s financial position. As per the present reported financial books, the share capital of the company remains Dhs 250 million.
With one quarter left in 2012, Green Crescent is determined to bounce up and emphasize color green for its financial results.
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