UAE - National Takaful profits jump 78% in 9m
Wednesday, 11 11 2020, Category: Islamic Insurance, Country: U.A.E
The National Takaful Company (Wataniya) announced that it achieved positive financial results in the first nine months of this year 2020, as the company’s net profits rose to 17.8 million dirhams, compared to 10 million dirhams during the same period last year, an increase of 78%.
Dr. Ali Saeed bin Harmal Al Dhaheri, Chairman of the Company’s Board of Directors, said on the occasion of the announcement of the company’s results: “The most prominent performance features were the Takaful operations, which recorded a surplus of 12.5 million dirhams compared to 4.7 million dirhams for the same period in 2019, which means a growth of 168 percent. %.
Al Dhaheri added that despite the economic slowdown in the investment market, the company maintained its investment income at the same level as the previous year, and was able to reduce the loss rate from 63% in 2019 to 56% in 2020 with the rationalization and control of its expenditures. It led to an improvement in the percentage of consolidated operating operations, which is a key measure of insurance companies ’performance, from 97% in 2019 to 92% in 2020. The company has also witnessed a slowdown in its business growth, with its total shareholding reduced by 7%.
Source: al Khaleej Today