UAE: Abu Dhabi National Takaful's 1H net profit surged 35% to $11.1 mln
Source: Middle East Insurance Review | Sep 2017
Abu Dhabi National Takaful Co (ADNTC) saw its combined net profit grow 35% y-o-y to AED40.9 million (US$11.1 million) in the first half of 2017, while underwriting profit reached AED34.1 million compared to AED22.8 million for the same period last year.
Gross takaful contributions during the reported period reached AED181.6 million, up almost 8% from the same period last year. Net investment and other income amounted to AED6.8 million compared to AED7.5 million posted during the first half of 2016.
“Our company has been consistently posting strong results since 2010, reflecting the soundness of our underwriting discipline and overall business strategy. ADNTC has achieved an impressive profit with earnings per share of 0.34 AED as of the end of Q2 2017. Through solid management and a comprehensive growth agenda, we intend to maintain our stature as one of the most reputable and trusted takaful operators,” said Mr Khamis Buharoon Al Shamsi, Chairman of the Board of Directors, ADNTC.
Mr Osama Abdel Raouf Abdeen, CEO of ADNTC, added: “Our strong performance in the first half of 2017 is another testament to the success of our business model. The effective execution of our strategies, product offerings and services coupled with the support of our loyal customers constitute a solid foundation for our company to continue its journey of success. ADNTC will continue to maintain its industry leadership and deliver on its promise of unparalleled quality and excellence in service to its customers.” M
AED1 = US$0.27