Sharjah Insurance swings to net loss in first quarter

Dubai:

Sharjah Insurance Company said on Sunday it swung into a net loss in the first quarter to March.

The company posted a net loss of Dh6.91 million in the first quarter of 2016 from a net profit of Dh988,224 in the same period last year, it said in a statement posted on Abu Dhabi Securities Exchange’s website.

The company’s net insurance premium witnessed a slight fall to Dh7.13 million in the three months to March from Dh8.26 million in the year before period.

The firm offers engineering, fire, general insurance among others to clients.