The insurance firm turned to losses in Q3-19, posting AED 3.9 million in losses, versus profits of AED 4.15 million profits in the same period last year.
During the nine-month period, gross premium amounted to AED 471 million, increasing by 34% year-on-year (YoY), compared with AED 353 million in the corresponding period in 2018.
Gross underwriting income from insurance operations dropped to AED 34.91 million in the January-September period, compared to AED 45.65 million a year earlier, the company disclosed to the Abu Dhabi Securities Exchange (ADX) on Thursday.
Total assets rose by AED 6 million to AED 876 million over the same period in 2019 when compared to AED 870 million a year earlier.
The firm’s shareholders’ equity edged lower by 2% to AED 188 million, from AED 191 million by the end of Q2-19.
In Q2-19, the company reported a net profit of AED 10.5 million, compared to AED 12.4 million for the same period last year.
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