Abu Dhabi – Mubasher: Al Fujairah National Insurance Co. (AFNIC) reported a 4.14% decline in its annual net profits for the year ended 2014, reaching AED 18.15 million ($4.94 million) compared to AED 19 million ($5.17 million) in 2013, it said in its filing to the Abu Dhabi Securities Exchange (ADX).

Net insurance premiums increased slightly by 0.36% to AED 117.15 million in 2014 compared to AED 116.73 million the year before.

AFNIC’s profits for Q3-14 plunged 44.3% to AED 2.95 million compared to AED 5.3 million during the same period in 2013.

Profits from insurance operations declined 1.9% to AED 35.73 million in FY14 against AED 36.42 million in 2013.