Abu Dhabi – Mubasher: Al Wathba National Insurance Co (AWNIC) posted a 59% year-on-year decrease in its profits during the first quarter of 2017, according to a bourse statement.

Profits reached AED 14.04 million ($3.82 million) in Q1-17, compared to AED 34.18 million ($9.3 million) in Q1-16.

Subscription revenues rose 59.6%to AED 19.88 million in Q1-17, compared to AED 12.46 million in Q1-16.

The company generated net profits worth AED 55.11 million in 2016, an increase of 203.6% from AED 18.15 million in 2015.