Abu Dhabi – Mubasher: United Insurance Company trimmed its losses for the first quarter of fiscal 2016 by 29.9% year-on-year.
Net losses reached AED 5 million ($1.36 million) in Q1-16, versus AED 7.07 million ($1.92 million) in Q1-15, according to a bourse filing released on Sunday.
Gross written premium (GWP) declined 47.4% to AED 29.5 million by the end of March 2016, compared to AED 56 million in the same period of 2015.
The ADX-listed company earlier reported net losses of AED 61.8 million in 2015, versus AED 51.83 million in 2014.
