UIC increases paid up capital to YER1 bln
United Insurance Company announced the paid-up capital has been raised from YR400-Million to 1-Billion. Mr. Tarek A. Hayel, General Manager & Mem. of Board explained that the General Assembly ...
has approved the increase in the capital to keep pace with the company’s requirements on the basis of outstanding growth achieved in the insurance activities and set forth in the financial statements, as well as to reflect an increase in risk retaining capacity. Overall, this increase will enhance the financial strength and goodwill of the company in the local insurance sector.
He also said that, UIC in year 2008 has achieved several accomplishments adhering to its strategies and futuristic vision which confirm the excellent and ever-improving performance of the company and the erudite growth of its insurance operation during the last years.
Mr. Hayel added, that the company is keen to continue developing insurance services in the Yemeni market by launching the first Takaful window in Yemen on September 2008, offering all lines of insurance under supervision from the company's Shariah Board to cope with the rapid needs of our clients, individuals and corporations.
Since 1995, UIC has maintained a leading position in the Yemeni insurance market. In 2007, the company had the largest market share of 42% of the market's overall gross premiums, with market shares exceeding 50% in some lines such as marine, engineering, fire, and life.