Emirates Insurance Co. (EIC) announced its financial statements to the Abu Dhabi Securities Exchange (ADX), reporting surging net profit by 63.5% during the first nine months of the year to AED 101.44 million ($27.6 million) compared to AED 62 million ($16.88 million) during the same period in 2013.

EIC reported a skyrocketing net profit by 306.7% to AED 12 million during the third quarter of 2014 compared to AED three million during the similar period last year.

EIC’s growth during the first nine months of the year was supported by growing investment revenue to AED 73.4 million compared to AED 27.4 million during the same nine months of 2013.

Net insurance revenue retreated to AED 34.6 million during the period, compared to AED 40.4 million during the first nine months last year.

EIC financials for the first half of 2014 showed a net profit of AED 89.4 million compared to AED 60 million during the corresponding period in 2014, registering a growth by 51%.

EIC operates in insurance and reinsurance, with a capital amounting to AED 135 million divided on 135 million shares, at par value AED 1 per share.