UAE: Abu Dhabi National Takaful to distribute $1.2m cash returns to policyholders
Source: Middle East Insurance Review | Dec 2018
Abu Dhabi National Takaful Co has announced surplus distribution of AED4.4m for its eligible individual and corporate family takaful policyholders for the year 2017, indicating a profitable y-o-y performance by the company.
The surplus payment is scheduled to be made to the eligible policyholders within a period of six months from the date of official announcement.
With its declaration of surplus, Abu Dhabi National Takaful is among a handful of takaful operators to provide surplus to its family takaful policyholders in the region for the year 2017.
“Our continuous growth is the result of our progressive planning and stable performance,” said chairman of board of directors Khamis Buharoon Al Shamsi. “We’re strongly committed to our policyholders and work hard to safeguard their interests. Our performance comes in line with our financial strength rating of ‘A-’ (excellent) reaffirmed by A.M. Best for the third consecutive year that further validates our industry leadership as the takaful provider of choice in the region.”
CEO Osama Abdel Raouf Abdeen said, “The distribution of surplus to our family takaful policyholders is a testament to our successful business model that has proven to protect our policyholders’ ownership and achieve shareholder returns.”
Abu Dhabi National Takaful reported net profits of AED59.1m for 2017 compared to AED48.4m for 2016, representing an increase of 22%, according to its 2017 annual report. Total gross contributions reached AED373.8m in 2017, 16.5% more than the AED320.8m posted in 2016. M
AED1 = $0.27