Abu Dhabi – Mubasher: Dhafra Insurance said its profits for the first quarter of 2015 dropped 24% to AED 28.4 million ($7.73 million) compared to AED 37.5 million ($10.21 million) in the same period in 2014, according to a filing to the Abu Dhabi Securities Exchange (ADX).
Insurance premiums grew 31% to AED 146.7 million during the three-month period of this year compared to AED 111.6 million in the same period in Q1-14. Net insurance profits increased 13% to AED 30.06 million in Q1-15, compared to AED 24.52 million in Q1-14.
Revenues and investments dropped 43% to AED 6.63 million, the company added.
Dhafra Insurance previously reported a net profit of AED 42.38 million in 2014, a 13.17% decline compared to AED 48.8 million in 2013.
