Dubai-Mubasher: Dubai Insurance Company saw a decline of 17% year-on-year in its first-quarter profits, according to a bourse statement.

Net profits reached AED 22.49 million ($6.12 million) in the first three months of the year, compared to AED 19.25 million ($5.24 million) in the year-ago period.

Insurance expenses rose 178.6% to AED 137.28 million ($37.37 million) in Q1-16, compared to AED 49.27 million ($13.41 million) in Q1-15.

At the end of March, insurance premium revenue reached AED 81.8 million ($22.27 million), a 14.4% decline from AED 95.6 million ($26.03 million) at the same point last year.