Abu Dhabi - Mubasher: Ras Al Khaimah National Insurance Company (RAKNIC) on Thursday reported an annual profit increase of 1.3%, according to a bourse filling.

Profits of 2016 rose to AED 23.4 million ($6.37 million), compared with AED 23.1 million ($6.29 million) in 2015.

Meanwhile, gross written premium rose 3.6% to AED 422 million in 2016 from AED 407.5 million in the previous year, the company’s financial results showed.

The 42% decline in underwriting profit from insurance operations to AED 24.6 million in 2016, versus AED 42.4 million in the previous year was compensated by an increase in investment and other income to AED 18.1 million from AED 7.9 million in 2015, the company said.