Growth in contributions for takaful operators in the UAE stagnated in 1H2020, declining by 1% to hover at around AED2bn ($544m), according to a report published by Dubai-based actuarial consulting firm Badri Management Consultancy.
The business written by takaful companies has contributed 15% of the total written business by listed insurance companies in UAE since 2018.
Out of 30 listed insurance companies, nine operate as takaful insurers in the UAE market.
The highest growth in net earned premiums or contributions for the first six months of 2020 was reflected by Dartakaful which doubled its net earned premiums in 1H2020.
Dartakaful also produced the highest growth in profits which soared by 388% to AED5.4m in 1H2020 from AED1.1m in 1H2019.
The highest retention of 81% for the half year ended 2020 was shown by Takaful Emarat.