Dubai – Al Sagr National Insurance Company shifted to net profits worth AED 2.76 million in the first nine months (9M) of 2023 from net losses of AED 51.34 million in 9M-22.

The basic and diluted earnings per share (EPS) amounted to AED 0.01 in January-September 2023, versus a loss per share of AED 0.22 during the same period a year earlier.

The company’s insurance premiums increased year-on-year (YoY) to AED 593.03 million in 9M-23, compared to AED 383.47 million, according to the financial statements.

The total assets of the listed insurer rose to AED 843.19 million in 9M-23 from AED 749.49 million as of 31 December 2022.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, the company reported lower net losses of AED 3.90 million when compared with AED 6.31 million in the same period of 2022.

The basic and diluted loss per share inched down to AED 0.02 in Q3-23 from AED 0.03 in Q3-22.

Furthermore, the insurance premiums grew to AED 222.70 million in Q3-23 from AED 137.82 million in Q3-22.

Accumulated losses for Q3

Al Sagr Insurance posted accumulated losses valued at AED 97.26 million in Q3-23, which represented 42.28% of the company’s capital.

It is worth highlighting that the company’s board recommended in March 2023 a capital reduction amounting to AED 100 million.

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