Abu Dhabi – Mubasher: Emirates Insurance Co. (EIC) reported an increase in net profits for the first quarter of the year, reaching AED 59.33 million ($16.15 million) compared to AED 49 million ($13.336 million) in the same period last year, according to a filing to the Abu Dhabi Securities Exchange (ADX) on Sunday.

Earnings per share (EPS) grew 22.22% to 44 fils per share, up from 36 fils in Q1-14.

Revenues from investments rose to AED 35.74 million in Q1-15 compared to AED 26.3 million in the corresponding period in 2014. Moreover, revenues from insurance premiums increased 18.4% to AED 221.82 million, up from AED 187.40 million in Q1-14.

Net insurance premiums reached AED 134.71 million, up from AED 109.33 million in the first quarter of last year.

EIC previously reported profits worth AED 103 million ($28 million) in 2014 from AED 86 million ($23.4 million) in 2013.