UAE: Abu Dhabi National Takaful sees profits rise 19% in 1H
Source: Middle East Insurance Review | Sep 2015
Abu Dhabi National Takaful Company (ADNTC) recorded net profits of AED17.8 million (US$4.8 million) in the first half of 2015, up 19% y-o-y.
Net investment and other income fell 18% y-o-y to AED3.6 million, although technical results grew to AED31.4 million from AED26.8 million in the previous year.
Gross takaful contributions reached AED138.7 million, a fall of 12% y-o-y.
A.M. Best has revised its outlook on the company to positive from stable and affirmed its financial strength rating of B++ (Good) and the issuer credit rating of “bbb+”. The ratings reflect ADNTC’s solid risk-adjusted capitalisation and track record of excellent underwriting performance.
AED1 = US$0.27