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Insurance House’s accumulated losses hit 71% of capital

Insurance House’s accumulated losses hit 71% of capital
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Insurance House
IH
-1.15% 0.94 -0.01

Abu Dhabi – Mubasher: Insurance House (IH) incurred accumulated losses valued at AED 84.34 million as of 31 March 2023.

The registered losses account for 71% of the AED 118.78 million capital, according to a bourse filing.

In the first three months (3M) of 2023, the ADX-listed company reported net losses amounting to AED 15.70 million, an annual hike from AED 6.47 million.

Basic and diluted loss per share hit AED 0.13 in January-March 2023, higher than AED 0.05 in the year-ago period.

During the first quarter (Q1) of 2023, the insurance firm posted negative net claims incurred worth AED 28.32 million, up year-on-year (YoY) from AED 28.26 million.

Total assets reached AED 407.48 million during Q1-23, versus AED 403.66 million as of 31 December 2022.