UAE: Abu Dhabi National Takaful's gains soar for 7th year in a row
Source: Middle East Insurance Review | Jun 2017
Abu Dhabi National Takaful, a leading takaful operator in the region and the only Islamic insurer worldwide with a Financial Strength Rating of A - (Excellent), has reported a net profit of AED48.4 million (US$13.2 million) for 2016 up 16.4% y-o-y.
This performance marked the company’s seventh consecutive year of increase in net profit, said the takaful operator in a statement, adding that the results showed that it excelled across all financial and non-financial indicators with a key focus on customer service and unique product offerings.
The results were released after the financial statements were approved at the company’s Annual General Assembly meeting held in April where AED16 million in dividends representing 16% of the paid-up capital were also declared for 2016. The company has also distributed the same dividends for the financial years 2013 to 2015 based on its consistent strong performance over the years.
Mr Khamis Buharoon Al Shamsi, Chairman of Abu Dhabi National Takaful, said: “The company posted a net profit of AED48.4 million in 2016 compared to AED41.5 million in 2015 despite the economic challenges posed by lower oil prices and market volatility. This clearly reflects the success of our strategy and the strong foundation that we have built our takaful model on.”
In August 2016, A.M. Best upgraded the company’s financial strength rating to A- (Excellent) from B++ (Good) and its issuer credit rating to “a-” from “bbb+”. This is the highest rating assigned to any takaful operator by A.M Best worldwide.
In November 2016, the company was cited by the Insurance Authority of UAE in the category of “Compliance” for the year 2016 as the best insurance company adhering to the legal and financial rules and regulations issued by the Authority. Also, in November 2016, the company won the “General Takaful Company of the Year” award at the 3rd Middle East Insurance Industry Awards organised by Middle East Insurance Review. M
AED1 = US$0.27