UAE - Watania Takaful posts 136% surge in H1 net profit
Tuesday, 08 18 2020, Category: Islamic Insurance, Country: U.A.E
UAE-based Watania Takaful said its net profit jumped to AED16.6 million ($4.5 million) during the first half of the year (H1) from AED7 million for the same period last year, marking a growth of 136%.
The lockdown imposed on account of the pandemic saw significant reduction in road accidents and general illnesses, positively impacting the company’s motor and medical insurance portfolio. The overall loss ratio came down to 54% compared to 62% last year for the same period.
The operating income increased by 271% from AED 3.4million to AED 12.6 million. The investment income showed a slight increase of 8% at AED3.9 million from AED3.6 million in H12019.
Dr Ali Saeed Bin Harmal Al Dhaheri, Chairman of National Takaful Company, said that the company incorporated special discount in motor and medical premium. This helped many of the customers who were facing economic challenges to keep their policies intact.
Source: Trade Arabia