News

Al-Ain Ahlia sees H1 profit drop 45%

Al-Ain Ahlia Insurance Company has reported a net profit of AED26.5m for the first half of the year, a 45 per cent drop on the same period last year.

The insurer reported a net profit of AED26.5m from January to June this year, compared to a net profit of AED48.2m during the corresponding period last year.

Gross premium income reached AED332.8m, compared to AED354.9m in 2009, while net underwriting income for the period was AED33.8m, compared to AED26.7m for the first half of 2009.

Yesterday, United Insurance Company posted an AED8m net profit for the first half of the year, down 60 per cent on the same period last year.

In its latest financial results, the insurer saw net profits drop from AED19.9m in the first half of 2009, to AED8m for the corresponding period this year.

Earlier this month, Al Khazna Insurance Company reported an AED18.9m loss for Q1 this year.