Abu Dhabi – Mubasher: Methaq Takaful Insurance announced on Monday that it turned to losses in fiscal year 2014.

The company incurred losses of AED 2.12 million ($577,000) in 2014 against profits of AED 2.56 million ($696,000) in 2013, according to a filing to the Abu Dhabi Securities Exchange (ADX).

The insurance firm previously reported losses of AED 3.36 million ($0.91 million) in the first nine months of 2014 against profits of AED 8.20 million ($2.23 million) in the same period the year before.

Methaq Takaful’s capital amounts to AED 150 million.