UAE: Takaful Emarat posted net profit of $3.8m for 2018
Source: Middle East Insurance Review | Apr 2019
Takaful Emarat has posted a net profit of AED14m ($3.8m) for 2018, reflecting one-off costs associated with the acquisition totalling AED8m, reported Trade Arabia News Service.
The company recorded net takaful income of AED87.7m, compared to AED122 for the same period in 2017. Gross written contributions grew by 2.6% from AED584m in 2017 to AED599m in 2018, despite challenging market conditions, said the report.
Its executive board member and managing director Mohammad Al Hawari said, “We have had a strong year despite many challenging conditions. Net profit was in line with expectations following extraordinary costs associated with the acquisition. Looking ahead, we remain well positioned for future growth underpinned by the operational and strategic shifts we have made in our business model.”
He added that the company has started seeing the results of its digital and cultural transformation and it is looking forward to pushing the boundaries of innovation in the insurance industry. M
AED1 = $0.27