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United
The Board Of Directors' Report - Half Year Ended June 30, 2023
Fidelity United was able to achieve a growth rate of 45% as compared to the same period last year keeping up with its
strong business performance. The total gross written premiums for the period amounted to AED 353M for June 2023
as compared to AED 243M for the same period prior year.
-
Gross Written Premiums . _ 30 Aoki, Increase/ (decrease1) .
(AED in thousands) 202 2022 -mm37"'' Amount %
Commercial 73,662 64,908 8,754 13%
Consumer 61,241 45,040 16,201 36%
Medical & Life 218,190 132,856 85,334 64%
Total 353,093 242,804 110,289 45%
The pie chart depicts the gross written premium by business segments, Medical & Life representing the highest share
at 62% followed by Commercial and Consumer with 21% and 17% respectively.
Commercial
Medical 21% . and Life
62%
Consumer ,- 17%
Commercial II Consumer ki Medical and Life
The quarter ended June 30, 2023 was a challenging period for the UAE insurance market, where Fidelity United similar to other players also experienced higher than expected losses. It is also worth pointing out that due to the implementation
of new accounting standard (IFRS 9 Financial Instruments) with effect from January 1, 2023 Fidelity United was no
longer allowed to present the gains on disposal of FVTOCI investments in the income statement, which has made a significant impact on the net loss for the period. As a result of the above factors the company incurred a net loss of AED
11.1M as compared to the profit of AED 3.6M for same period last year.
Future Outlook As Fidelity United continues to show strong topline growth, management's focus is to closely monitor the net bottom -
line to ensure profitability in future. We firmly believe that Fidelity United is well placed to benefit from market
opportunities and ready to play a more significant role in the UAE Insurance market. We remain confident that the market conditions will improve eventually helping to generate better results as we focus on lines with better profitability. (47,
o UNITED FIDELITY INSURANCE COMPANY
In , ,,,;, :mil, with the : ..,,i21.:, 1 .!,,:. ,,,, :, !;::,-- H.,,,, .\. ,::;, dated 2,2 I' 108-1 Authorized paid -up ('vital 1)h. 1,'0.. ,q
Ras Al Khaimah T: +971 7 2351584, F: +971 7 2353213, P.O. Box: 1010 - Sharjah T: +971 6 5682277, F: +971 6 5681586, P.O. Box: 5333 Dubai T: +971 4 2502501, F: +971 4 2502504, P.O. Box: 1888 - Abu Dhabi T: +971 2 6263313, F: +971 2 6263526, P.O. Box: 721
Fujairah T: +971 9 2222302, F: +971 9 2220294, P.O. Box: 4417
info@fidelityunited.ae
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FidelityUvsiNg
Considering UAE's strongly anticipated economic growth during 2023, we are aiming to further strengthen our position
amongst the listed Insurance Companies.
Fidelity United continues to prioritize the key aspects related to customer services, marketing and branding activities,
providing enhanced online portal access to our business partners, introducing new and improved products to cater to
ever changing customer needs along with making steady progress towards the automation and digitalization journey.
During the last quarter Fidelity United launched its new website which is more customer focused and will make it easier
for our customers to connect with Fidelity United.
The Board of Directors would like to thank all our customers and business partners for their continued trust in United
Fidelity Insurance Company, strengthening our image as the reliable insurance partner. The Board of Directors would
also like to thank our employees for their unwavering dedication and hard work.
- Chairman of the Board
August 4th, 2023
UNITED FIDELITY INSURANCE COMPANY
" In (, with the Federal :p,. No. (111 z No (8) dated I A\u thorized paid -up Capital 1)11. 160.000.000
Ras Al Khaimah T: +971 7 2351584, F: +971 7 2353213, P.O. Box: 1010 - Sharjah T: +971 6 5682277, F: +971 6 5681586, P.O. Box: 5333
Dubai T: +971 4 2502501, F: +971 4 2502504, P.O. Box: 1888 - Abu Dhabi T: +971 2 6263313, F: +971 2 6263526, P.O. Box: 721
Fujairah T: +971 9 2222302, F: +971 9 2220294, P.O. Box: 4417
info@fidelityunited.ae
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Sentiment: positive