Abu Dhabi-Mubasher: Ras Al Khaimah National Insurance Company (RAK Insurance) reported losses of AED 8.04 million ($2.2 million) in the fourth quarter of 2015, compared to AED 2 million ($544,000) in the same quarter of 2014, according to a bourse filing on Sunday.
However, profits in the fiscal year 2015 increased 26.7% to AED 23.1 million, compared to AED 18.2 million in the fiscal year 2014.
Meanwhile, gross underwriting profits surged 99.7% to AED 42.4 million, compared to AED 21.2 million.
Net profit dwindled on back of an impairment charge of AED 12.5 million relating to an investment as well as AED 17.7 million write off of a receivable balance in Q4-15.
