Abu Dhabi – Mubasher: Al-Wathba National Insurance Company (AWNIC) reported a profit drop of 91% in the first quarter of 2015, down to AED 6.7 million ($1.8 million) from AED 74.66 million ($20.3 million) in the same period last year, according to a filing to the Abu Dhabi Securities Exchange (ADX).

AWNIC previously posted a net profit of AED 109.05 million for the fiscal year 2014, a 28% decline from AED 152.401 million in FY13.

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