Kuwait – Mubasher: Warba Insurance posted a decline of 24.3% in profits during the first quarter of 2017 as compared to the same period a year ago.

The profits shrank to KWD 1.12 million ($3.69 million) in Q1-17 from KWD 1.48 million ($4.87 million) in Q1-16, according to a bourse statement issued on Thursday.

Warba Insurance registered a decline in underwriting profit to nearly KWD 424,582 in Q1-17 from KWD 1.12 million in Q1-16.

The company’s operating profits shrank 63.98% to about KWD 424,580 in Q1-17 from KWD 1.18 million in Q1-16.