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Abu Dhabi National Takaful Company reports first quarter 2013 financial results

United Arab Emirates: Saturday, May 11 - 2013 @ 10:01

Takaful posted a profit for the period ended 31 March 2013 of Dhs9.9m compared to Dhs6.1m for the period ended 31 March 2012, which reflects a significant growth of 61%. In addition, Takaful realised an underwriting profit of Dhs8.7m for the period ended 31 March 2013 compared to Dhs6m for the period ended 31 March 2012, reflecting an increase of 46%.

Commenting on the results, H.E. Khadem Al Qubaisi Chairman of Abu Dhabi National Takaful Company P.S.C (Takaful), said: “Takaful has managed to overcome the huge difficulties represented in the global financial downturn and the fierce competition in the insurance market to provide value for its shareholders and policyholders. We are delighted and proud of the excellent start to the year 2013, and we look forward to a year of profitable and sustainable growth across all of our business segments.”

Mr. Osama Abdeen, Chief Executive Officer of Abu Dhabi National Takaful P.S.C (Takaful) commented: “I’m pleased to report another set of significant and strong financial results for the first quarter of 2013 for Abu Dhabi National Takaful Company P.S.C (Takaful). During the period ended 31 March 2013, TAKAFUL realized a profit of Dhs9.9m compared to Dhs6.1m for the corresponding period of 2012, reflecting an outstanding growth of 61%. This has been accomplished by executing our strategy, diversification of our portfolio mix and implementing sound underwriting policy. Speaking of which, we have realized underwriting profit of Dhs8.7m for the period ended 31 March 2013 compared to Dhs6m for the period ended 31 March 2012, reflecting an increase of 46%. Our shareholders and policyholders remain at the centre of our focus and attention as we progress by maximising their returns. Last year, we have successfully put TAKAFUL in a strategic position not only to survive the prevailing challenging financial conditions and fierce market competition, but also to capitalise on the developing market opportunities. Therefore, we can say that TAKAFUL is progressing in the right direction becoming an effective and highly recognized takaful provider.”

Takaful received several accolades during 2012. It has been recognized as one of the best insurance companies in the Middle East region, having ranked second on the list of “Top Executive Management in the Arab World 2012″ within the insurance sector. It was the third accolade that Takaful received in 2012.

In July, it was proclaimed the ‘Best Bancatakaful Operator Middle East’ at the International Takaful Awards 2012 in London. That was followed closely by winning the Takaful Operator of the Year 2012 at the 9th INSUREX Middle East Insurance Awards that were held on October 9th, 2012 at The Westin Mina Seyahi Hotel in Dubai, UAE.

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Saturday, May 11- 2013 @ 10:01 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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