Dubai - Mubasher: Dubai Insurance Company reported a 56.5% decline in profits in the fourth quarter of 2016 compared to the same quarter in the year before.

Profits totalled AED 2.88 million ($783,900) in Q4-16 compared to AED 6.62 million ($1.8 million) in the Q4-15, as shown by the company’s financial results.

According to the company’s statement to the Dubai Financial Market (DFM) on Wednesday, net profits for the year 2016 icreased by 4.3% to AED 36.61 million in 2016 from AED 35.09 million in 2015.