Kuwait – Mubasher: Al Ahleia Insurance achieved a plunge of 88.6% in profits during the third quarter of 2016 as compared to the same period a year ago.

The company’s earnings amounted to KWD 458,994 ($1.51 million) in Q3-16, compared with KWD 3.99 million ($13.17 million) in Q3-15, the company said in a bourse statement issued on Thursday.

During the first nine months of 2016, profits shrank by 37.7% to KWD 6.18 million from KWD 9.92 million in the same period of 2015.

The drop in profits resulted from lower income from investments, Al Ahleia clarified.