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

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