Abu Dhabi – Mubasher: Union Insurance swung from profits into losses during the third quarter of the fiscal year 2016, according to a bourse filing on Tuesday.
The company registered AED 2.98 million ($811,130) losses in Q3 versus AED 4.45 million profits ($1.21 million) for the year-ago period.
Investment net losses stood at AED 9.33 million, deeper 34.7% year-on-year from AED 4.17 million.
Incurred claims rose 34.7% to AED 58.85 million, compared to AED 43.70 million for the year-ago period.
In the first nine months, net losses widened 149.8% year-on-year to AED 7.37 million from AED 2.95 million.
