FINANCIAL NEWS

Emirates Insurance reports 58% jump in Q1 profits

05 May 2010

(MENAFN) Abu Dhabi-based Emirates Insurance Company (EIC) said that its net profits jumped by 58 percent to $8.18 million in the first quarter of the year, up from $5.2 million in the same period last year, Khaleej Times reported.

The insurance company reported a slight increase in net earned premiums, which grew by 1.5 percent to $18.8 million and net underwriting profit surged 23.8 percent.

Gross premium income, the insurance company said was even better, posting a growth of 1.9 percent to $59 million in the January-March period of the year.

However, net commission income fell 16.7 percent in the first three months of the year to $1.36 million, while operating expenses rose to $3.54 million, an increase of 8.3 percent.

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