Dubai-Mubasher: Alliance Insurance reported a 29.6% profit drop to AED 11 million ($3 million in the fourth quarter of 2015, compared to AED 15.63 million ($4.25 million) in the same quarter of 2014, according to a bourse filing on Thursday.

Net profits declined 8.6% to AED 44 million in the fiscal year 2015, compared to AED 48.13 million in the fiscal year 2014.

In FY15, revenues decreased 4.5% to AED 306.22 million from AED 320.726 million in FY14.