UAE: Takaful Emarat sees net profit grow 42% to US$2.8 mln in 2015
Source: Middle East Insurance Review | Apr 2016
Unaudited preliminary financial results for 2015 showed that Takaful Emarat’s net profits jumped 42% to AED10.2 million (US$2.8 million) from AED7.2 million in 2014.
It said the increase was due to an expansion in the medical and life lines of business, prudent underwriting, and cost efficiency through strict control of general and administrative expenses. As a result, 2015 saw Takaful Emarat outperforming publicly listed insurance companies, which incurred a combined loss of AED107 million in 2015, according to market reports.
Net operating profits were up 213% to AED42.1 million compared to AED13.4 million in 2014 due to significant growth in gross contributions written. Earned contributions increased by 216% to AED377.9 million for 2015 compared to AED119.4 million in 2014 as a result of distribution channel growth in both the medical and life lines of business.
Takaful Emarat’s CEO Wael Al-Sharif said: “Our business continues to grow rapidly, delivering a strong 2015 full year performance, which is testimony to the success of our new strategy. We remain well positioned to accelerate the growth of our business in the years ahead and capitalise on the significant opportunities that exist in our target markets. I look forward to reporting further progress in due course.”
AED1 = US$0.27