UAE: Leading takaful operator saw 37% increase in net profit for 1Q2019
Source: Middle East Insurance Review | Jun 2019
Abu Dhabi National Takaful Company (ADNTC) has posted strong results for the first quarter of 2019, achieving a 37% increase in net profit amounting to AED36.7m (for policyholders and shareholders before qard hasan provisions) compared to AED26.9m in the corresponding period of 2018.
The underwriting profit reached AED28.4m, showing an increase of 21% compared to AED23.5m for the same period last year.
With significant performance improvement across all financial and non-financial indicators, the company continues to focus on maintaining solid underwriting discipline, providing outstanding customer service and offering innovative products and services.
ADNTC’s consistent performance is further endorsed with a financial strength Rating of A- (Excellent) and an issuers credit rating of “a-” assigned to it by A.M. Best. This is the highest rating given to any takaful operator by A.M. Best worldwide.
ADNTC chairman of the board of directors Khamis Buharoon Al Shamsi said, “We are set to a solid start in 2019 by laying the groundwork for an even stronger performance for the rest of the year. The shareholders net profit reached AED26.7m compared to AED23.1m for the previous year witnessing an impressive increase of 15.6%. With our sound business model and strategic development plans, we are confident that we will maintain sustainability in our performance to reach higher levels of growth supported by our enhanced products and services.”
ADNTC CEO Osama Abdeen said, “ADNTC continues to make headway as evidenced by its consistent outstanding financial performance year after year. Our underwriting profit of AED28.4m for the first quarter of 2019 is a testament of our steady and excellent financial performance and it also reinforces our credibility as the leading takaful operator in the region with steady excellent financial standing. We remain committed to addressing the needs of our customers by offering the most viable shariah-compliant insurance experience.” M
AED1 = $0.24