Abu Dhabi – Mubasher: Ras Al Khaimah National Insurance Co. (RAKNIC) reported a 3.2% decline in its profits for the first quarter of 2015 to AED 14.73 million ($4 million) from AED 15.21 million ($4.14 million) in the same period a year earlier, according to a bourse filing.

Gross written premiums (GWP) grew 7.12% to AED 82 million in Q1-15 from AED 76.6 million in Q1-14.

RAKNIC previously reported a net profit of AED 37.8 million in the fiscal year 2014 compared to AED 32.5 million in 2013, registering growth of 16.3%.

The company’s capital amounts to AED 110 million divided on 110 million shares at par value of AED 1 per share.