The Ra’s al-Khaimah National Insurance Company, RAK Insurance, has reported a net profit of AED 32 million for 2017, compared to AED 23.4 million in 2016, an increase of 36.6 per cent.
In a filing to the Abu Dhabi Securities Exchange, ADX, the company said that gross written premiums for 2017 increased by 13.4 percent to AED471.7 million, compared to AED 415.9 million in 2016, while underwriting profit from insurance operations increased by 407 percent from AED7.2 million in 2016 to AED36.6 million.
Total assets increased from AED709.4 million in 2016 to AED862.1 million, an increase of 21.5 percent, while shareholders’ equity rose from AED234.8 million to AED253 million.
Total liabilities rose from AED474.6 million in 2016 to AED609 million, with the company stating that this was "primarily due to increased insurance contract liabilities and other insurance payable resulting from the growth in our ‘book of business’ during the year."
Basic earnings per share rose from AED0.21 to AED0.29, on a capital base of AED110 million.
