Al Fujairah National Insurance Q1 profit

<b><font size="4">decreases</b></font>

09/05/2009 00:00 AST

UAE-based Al Fujairah National Insurance Company, in its interim management statement, has reported a profit of AED8.3 million, or basic earnings per share of AED11.07, for the first quarter ended March 31, 2009, compared to AED12.97 million, or basic earnings per share of AED17.29, for the corresponding quarter of 2008.

Net insurance premium revenue for the first quarter of 2009 was AED49.27 million, compared to AED41.16 million for the same quarter of 2008. Net commission earnings for the first quarter of 2009 was AED8.96 million, compared to AED14.51 million for the same quarter of 2008.

For the first quarter of 2009, net underwriting profit was AED8.65 million, compared to AED10.7 million for the same quarter of 2008.

Total assets of the company as of March 31, 2009 were AED407.87 million, compared to AED377.79 million as of December 31, 2008.


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