Abu Dhabi-Mubasher: Al Khazna Insurance widened its losses by 123% to AED 11 million ($2.9 million) in the first quarter of 2016, according to a statement.

Losses reached AED 11 million ($2.9 million) in Q1-16, compared to AED 4.9 million ($1.33 million) in Q1-15.

Net claims incurred rose 111% to AED 31.13 million in Q1-16, compared to AED 14.22 million in Q1-15.

Finance costs stood at AED 3.16 million in Q1-16, compared to AED 5.11 million in Q1-15.