Abu Dhabi-Mubasher: Methaq Takaful Insurance (METHAQ) swung to profits of AED 1.78 million ($484,600) in the first quarter of 2016, according to a bourse statement.

In the first quarter a year earlier, the Islamic insurer incurred losses of AED 1.75 million ($476,400).

Total income stood at AED 50.94 million ($13.87 million) during the period, compared to AED 47.91 million ($13.04 million).

Methaq stabilised at AED 0.80 by 11:00am UAE time.