Abu Dhabi - Mubasher: Al Wathba National Insurance Company (AWNIC) incurred losses of AED 23.6 million in the fourth quarter of 2015,  compared to AED79.7 million in the year-ago period, according to company’s statement on Monday.

The company logged a profit decline in 2015 by 93% to AED7.87 million, against AED109 million in the corresponding period of 2014.

The insurance company achieved AED31.5 million ($8.5 million) net profit in the first nine months of this year, compared to AED188.7 million ($51.5 million) during the same period of 2014.