Abu Dhabi – Mubasher: Union Insurance Company said Tuesday that its losses for the fourth quarter of fiscal 2016 were deepened by 662% to AED 13 million ($3.5 million), versus AED 1.8 million ($490,000) for Q4-15.
Net losses for fiscal 2016 amounted to AED 20.4 million, 344.04% up from AED 4.7 million for 2015, according to a bourse statement.
However, revenues grew 28.8% to AED 877.11 million from AED 681.1 million for 2015.
Operating profit increased 1.7% to AED 24.5 million from AED 24.1 million for 2015.
