Net earned premium in the third quarter was Dhs16.4m versus Dhs11.1m, an increase of 47.5%. For the quarter ended September 30, 2009, the Company incurred a net loss of Dhs5.3m (Dhs0.02 per share) compared to a net loss of Dhs5.5m (Dhs0.02 per share) in the second quarter.
Results in the third quarter were impacted by the recording of re-insurance costs in the third quarter relating to prior period. On an adjusted basis, the company would have shown an underwriting gain of Dhs635,943 (compared to a reported loss of Dhs901,815) in the third quarter and a net loss of Dhs3.8m compared with reported loss of Dhs5.3m.
Mr. Carl J. Sardegna, CEO of Green Crescent, stated, "We continue to be pleased with our reception in the marketplace and are on target to reach our goal of Dhs100m for the year. Reflecting economic conditions the marketplace has become increasingly competitive and while we continue to grow we have become even more selective. We remain financially strong with cash and investments of Dhs194m, all invested in secure deposits in UAE banks."
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Green Crescent Insurance on target to reach Dhs100m
- United Arab Emirates: Thursday, November 12 - 2009 at 15:34
- PRESS RELEASE
Green Crescent Insurance Company PJSC in its first year of operations announced today its third quarter and year to date results. The company reported year to date gross written premium of Dhs79.7m in line with its goal of Dhs100m in gross written premiums.
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About Green Crescent:Green Crescent Insurance Company was founded in 2008 as a public joint stock company funded by a paid-up capital of Dhs250m. By introducing professional, affordable, and high-caliber healthcare services to its clients, Green Crescent is bringing 'health' back into 'health insurance'. Currently operating in the UAE, the company provides tailor-made health insurance solutions to groups and corporate clients in the region. Putting "Your Health First", Green Crescent offers a commitment to providing clients quality healthcare on a global basis by using product innovations, technology, and a network of leading healthcare providers. Contractual agreements with UnitedHealthcare and HTH Worldwide, two of the most highly regarded healthcare providers in the United States, and NAS (a leading administrative firm in the UAE) translate into convenient, reliable, and comprehensive solutions for customers. Green Crescent believes that an ounce of prevention is better than a pound of cure. So along with commitment to quality, Green Crescent offers numerous awareness and prevention campaigns promoting a healthier, happier 'you'. Green Crescent Insurance Company will change the way you think about health insurance.
Media contacts:
Kathy Hyde
Marketing Director
Green Crescent
Tel: +971 504574506
Sara Darwish
Manager-PR & Media Relations
ExHealth
Dubai HealthCare City, Dubai, UAE
Tel: +971 554960930
Posted by Siba Sami AmmariThursday, November 12 - 2009 at 15:34 UAE local time (GMT+4)
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