Dubai – Mubasher: Alliance Insurance reported a decline of 13% in profits during the second quarter of 2017 compared to the same period a year ago.

Earnings decreased to AED 10.38 million ($2.82 million) in Q2-17 from AED 11.94 million in Q2-16, according to a bourse statement issued on Tuesday.

The company’s administrative and general expenses rose by 9% to AED 6.61 million in Q2-17 from AED 6.06 million in Q2-16.

During the first half of 2017, Alliance Insurance achieved a growth of 11.7% in profits to AED 23.52 million from AED 21.06 million in the same period a year ago.

It is noteworthy that the company reported a rise of 44% in earnings to AED 13.13 million in Q1-17 from AED 9.12 million in Q1-16.