Union Insurance Company will reduce its share capital from 330.939 million AED (90.1 million USD) to 230 million AED (62.6 million USD).
This transaction will enable the Emirati insurer to offset its accumulated losses which amount to 142.745 million AED (38.8 million USD) as at 31 December 2024.
It will be carried out by using 21.851 million AED (5.9 million USD) from the statutory reserve and 19.955 million AED (5.4 million USD) from the legal reserve. The remaining 100.939 million AED (USD 27.5 million) will be written off by cancelling a corresponding number of shares equal to this amount.
The capital reduction has been approved by the company’s shareholders.
