Abu Dhabi – Mubasher: Union Insurance Co. announced a decline in its net profits for 2014 by 33.85% to AED 44 million ($12 million) compared to AED 66.7 million ($18.15 million) in 2013.

Earnings per share (EPS) retreated to AED 0.13 in 2014 against AED 0.2 the year before. Moreover, profit from insurance operations doubled to AED 91.2 million compared to AED 45.6 million in 2013, Union said in its filing to the Abu Dhabi Securities Exchange (ADX).

The firm previously reported a 60% surge in profit for the first nine months of 2014 to AED 43.75 million, compared to AED 27.33 million during the corresponding period in 2013.

Union’s capital amounts to AED 331 million divided on 331 million shares at par value of AED 1 per share.