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Jul 2021

UAE: Watania 1Q net profit grows by 74%

Source: Middle East Insurance Review | Jun 2021

Net profit of UAE’s National Takaful Company (Watania) grew 74% y-o-y to AED3.9m ($1.06m) at the end of the first quarter this year.
 
The company registered ROE of 15%, driven by its investment income which rose by 67% to AED3.6m from AED2.3m in the same quarter of 2020. Net claims loss ratio improved to 61.7% compared to 68.4%, while combined operating ratio showed a marginal improvement at 99.3%.
 
“Despite the challenges faced by the insurance industry, Watania delivered a strong financial performance in the first quarter of 2021 thanks to the improvement in underwriting and investment income,” said the company’s chairman Dr Ali Saeed Bin Harmel Al Dhaheri. M 
 
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