Abu Dhabi – Mubasher: Al Wathba National Insurance Company (AWNIC), listed on the Abu Dhabi Securities Exchange (ADX), has reported a 28% profit drop in 2014 to AED 109.05 million ($29.6837 million) compared to AED 152.401 million ($41.4840 million) for 2013.

Revenues grew 5.7% to AED 427.183 million against AED 404.05 million, whereas profits from investments declined by 26% to AED 91.5 million against AED 123.33 million the year before.

AWNIC had reported a net profit of AED 159.3 million ($43.37 million) in the first nine months of 2014 compared to AED 116 million ($31.6 million) during the same period in 2013.

Financials for the fourth quarter of 2014 showed a loss of AED 50.25 million against a profit of AED 36.40 million.

AWNIC’s capital amounts to AED 207 million divided on 207 million shares at par value AED 1 per share.