RAK Insurance reports Q3 results

The insurance firm turned to losses in Q3-19

Abu Dhabi – Mubasher: Ras Al Khaimah National Insurance Company (RAK Insurance) reported a net profit of AED 660,000 by the end of the first nine months of 2019, as shown by the company's unaudited financial statements for the third quarter (Q3) of the year.

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.

Source: Mubasher

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