UAE: Takaful Emarat turns around with US$2 mln profit in 2014

Source: Middle East Insurance Review | Apr 2015

Dubai-headquartered Takaful Emarat has posted a net profit of AED7.2 million (US$2 million) for 2014, turning around from its AED17.3 million loss in 2013, thanks to a re-engineering and restructuring of operations and distribution infrastructure, said Chairman Mohamed Ali AlSari.

“The company plans to increase its revenue constantly with focus on profitability,” said Mr AlSari in the board of directors’ report. Total contributions amounted to AED119.4 million in 2014, a growth of 11% from the previous year.

With the infrastructure complete, “we now see business generated from new distribution channels such as banks and brokers grow exponentially”, he added.

Total administrative expenses reached AED27.5 million, a reduction of 22% compared to the level in 2013. “The Board is fully supporting the executive team in growing the business while keeping a firm control on expenses,” said Mr AlSari.

The life and health takaful provider recently doubled its share capital to AED200 million.

AED1 = US$0.27

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