Al Dhafra Insurance Q1 net profit down 26%

02/05/2009 00:00 AST

Al Dhafra Insurance Company has reported a net profit of AED15.55 million, or basic earnings per share of AED0.21, for the first quarter ended March 31, 2009, a decrease of 25.76%, compared to AED20.95 million, or basic earnings per share of AED0.28, for the corresponding quarter of 2008.

For the first quarter of 2009, net investment and other income was AED1.27 million, a decrease of 86.95%, compared to AED9.76 million for the same quarter of 2008.

For the first quarter of 2009, net underwriting income was AED18.93 million, an increase of 21.2%, compared to AED15.62 million for the same quarter of 2008. Gross premium income for the first quarter of 2009 was AED70.47 million, an increase of 0.82%, compared to AED69.89 million in the corresponding quarter of 2008.

Total assets of the company as of March 31, 2009 were AED672.6 million, compared to AED653.74 million as of December 31, 2008.


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