Abu Dhabi – Mubasher: Union Insurance Company’s losses for the first quarter of fiscal year 2017 increased 23.6% year-on-year.

Net losses amounted to AED 5.5 million ($1.5 million) in Q1-17, compared to AED 4.45 million ($1.21 million) for Q1-16, according to a bourse filing released on Monday.

Loss per share reached AED 0.0166 for Q1-17, versus AED 0.0135 for the same period last year.

The company had earlier posted a net loss of AED 20.4 million for FY16.