Abu Dhabi-based insurer Green Crescent returns to profit after cutting costs

The company posted a profit of Dh40,000 last year compared with a loss of Dh4.65 million in 2013.

Green Crescent, the Abu Dhabi-based insurer partly owned by Axa of France, returned to profitability last year after reducing costs as well as its exposure to the stock market.

The firm posted a profit of Dh40,000 last year versus a loss of Dh4.65 million in 2013.

“2014 was a year of significant importance to GCIC as the company entered a strategic alliance with Axa Group and Kanoo Group with the aim of continuously improving its health operations and furthermore developing its life business,” the firm said. “During 2014 the company … obtained an extraordinary financial performance.”

Green Crescent’s operating costs last year dropped to Dh28.3m from Dh39.3m in 2013. The company also realised a Dh11.9m capital gain last year after it reduced its exposure to the stock market.

The firm said that, while regulations making health insurance mandatory had provided new opportunities, it had also caused a rise in medical claims. As a result, it will maintain a selective approach to underwriting medical insurance and will branch out into the life insurance market this year.

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