UAE: Abu Dhabi National Takaful's net profit up 35% to $17.8 mln in 2017
Source: Middle East Insurance Review | Mar 2018
Abu Dhabi National Takaful Co’s (ADNTC’s) combined net profit grew by 35% y-o-y to AED65.3 million (US$17.8 million) in 2017 (for policyholders and shareholders before qard hasan provision), compared to AED48.4 million in 2016.
Shareholders net profit reached AED59.7 million at the end of 2017, up 23.3% from the same period a year ago.
ADNTC said this performance, which marked the company’s eighth consecutive year of continuous increase in net profit, was significantly boosted by good financial and non-financial indicators with a key focus on excellent customer service and unique products offering.
In 2017, ADNTC maintained its financial strength rating of A- (Excellent) and an issuers credit rating of (a-), the highest rating assigned to a takaful operator by A.M. Best. The ratings show the company’s stability and reinforces its position as one of the leading takaful operators in the region.
For its continued excellent performance, the company was awarded “Takaful Company of the Year” in 2017 at the 4th Middle East Insurance Industry Awards (MIIA), organised by Middle East Insurance Review (MEIR). M
AED1 = US$0.27