Dubai – Mubasher: The Islamic Arab Insurance Company (Salama) reported profits of AED 7.15 million ($1.94 million) in the third quarter of 2017 versus losses of AED 73.6 million ($20 million) in the same period last year, according to the company’s financial statements disclosed on Wednesday.  

The company’s insurance revenue increased by 12.23% to AED 199.93 million in Q3-17 from AED 178.13 million in Q3-16.

Meanwhile, Salama’s insurance expenses dropped 16% in the third quarter of the current year, reaching AED 73.83 million compared to AED 87.56 million in the prior year, as the statement shows.

The profits turned positively in the first three quarters of 2017, reaching AED 12.4 million versus losses of AED 235 million in the same period in 2016.