The total profits of the UAE-based national insurance companies fell by 33 percent last year, reported Al-Morakeb Al-Inmai magazine. According to this report, due to the sharp declines in share prices, these firms experienced a collapse in their profits, falling from Dh 493.9 million in 1998 to Dh 329.6 million in 1999.
The Emirates Insurance Company, for example, disclosed that the value of its overall subscribed insurance installments had fallen to Dh 117,051,357 in 1999, from 119,617,061 in the previous, thus, displaying a 1.76 percent decrease.
However, Al-Khanza Insurance Company, based in Abu Dhabi, reported an operating income of Dh 30.18 million ($8.2 million) in 1999, a 6 percent rise compared with the previous year. In 1998, the company’s profits totaled Dh 27.65 million. –(Albawaba-MEBG)
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