Abu Dhabi – Mubasher: Union Insurance turned into losses during the second quarter of 2016, according to a bourse statement.

The insurance firm suffered AED 4.46 million losses ($1.21 million) in the second quarter against a net profit of AED 9.52 million ($2.59 million) for the year-ago quarter.

Losses on claims incurred rose 40.3% year-over-year to AED 50.63 million from AED 36.08 million.

Net commission also stood at AED 1.03 million, down 83.1% year-over-year from AED 6.1 million.

Over the first six month, net loss also fell to AED 4.39 million, which is a slide of 40.7% as compared to AED 7.4 million losses for the prior-year period.