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RAK Insurance records higher net profits in H1-20

RAK Insurance records higher net profits in H1-20
The insurer's net underwriting income reached AED 4m
RAK Insurance
RAKNIC
4.17% 3.00 0.12

Abu Dhabi – Mubasher: Ras Al Khaimah National Insurance Company (RAK Insurance) posted net profits of AED 5.9 million in the first half (H1) of 2020, compared with AED 4.58 million in the same period of 2019.

The company's net earned insurance premium increased to AED 188.364 million in H1-20 from AED 153.397 million in the corresponding half of 2020, according to the company's interim financial results for the period ended on 30 June 2020.

The insurer's net underwriting income reached AED 4.421 million in the January-June period of the current year, compared to AED 2.908 million in the year-ago period.

The basic and diluted earnings per share (EPS) stood at AED 0.05 in the first six months of 2020, compared to AED 0.04 in the same period of the earlier year.

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits plunged to AED 444,940 from AED 1.415 million in Q1-19.