Mubasher: Dhofar Insurance on Sunday announced widening its losses by 127.4% in the first quarter 2017 compared to the same period in 2016, according to the company’s statement to Muscat Securities Market (MSM).

The company more than doubled its losses in the first three months of 2017 to reach OMR 1.28 million ($3.32 million) compared to OMR 562,810 ($1.46 million) in Q1-16.

Total insurance premiums declined 26.7% to reach OMR 12.96 million in Q1-17 compared to OMR 17.67 million in Q1-16, the company added.

Dhofar Insurance had also deepened its annual losses to reach OMR 9.86 million in 2016, compared to OMR 2,970 in 2015.