Abu Dhabi – Mubasher: Union Insurance Company has named Ramez Abu Zeid as Acting CEO, effective from 1 December 2023.
The appointment is still subject to the approval of the Central Bank of the UAE (CBUAE), according to a bourse filing.
In the first nine months (9M) of 2023, the net profits reached AED 2.16 million, an annual plunge from AED 30.99 million.
Insurance revenues dropped to AED 471.89 million in 9M-23 from AED 603.74 million a year earlier, while the earnings per share (EPS) retreated to AED 0.007 AED 0.094.
Total assets amounted to AED 1.51 billion as of 30 September 2023, up from AED 1.47 billion as of 31 December 2022.
At the end of 2022, the accumulated losses hit AED 120.70 million, lower by 9% year-on-year (YoY) than AED 132.80 million.
