Abu Dhabi – Mubasher: United Insurance Company (UIC) said that it turned to losses in the fiscal year 2014.

The company reported a net loss of AED 51.8 million ($14 million) in 2014 against a net profit of AED 8.44 million ($2.3 million) in 2013, according to a filing to the Abu Dhabi Securities Exchange (ADX).

Loss per share (LPS) reached AED 0.52 against earnings per share (EPS) amounting to AED 0.08 in 2013.

Net losses from insurance surged to AED 69.5 million against AED 6.2 million the year before.

UIC previously reported turning to losses in the first nine months of 2014, as losses reached AED 37.7 million against a net profit of AED 4.9 million during the corresponding period in 2013.

UIC’s capital amounts to AED 100 million divided on 100 million shares at par value of AED 1 per share.