TAKAFUL reports period ended 30 June 2014 financial results
Abu Dhabi National Takaful Company P.S.C(“TAKAFUL”), the leading Takaful operator in the insurance industry of the United Arab Emirates and the Middle East, announced today its financial results for the period ended 30 June 2014.
(“TAKAFUL”) posted a profit for the period ended 30 June 2014 of Dhs15m compared to Dhs19.8m for the period ended 30 June 2013. In addition, Takaful realised an underwriting profit of Dhs10.6m for the period ended 30 June 2014 compared to Dhs16.4m for the period ended 30 June 2013.
Commenting on the results, H.E. Khadem Al Qubaisi Chairman of Abu Dhabi National Takaful Company P.S.C (“TAKAFUL”) said: “Despite of the fierce competition, Abu Dhabi National Takaful remains in the quest for excellence constant at all levels. With this in mind, I am pleased to announce that the company is in the process of obtaining an international financial rating”.
Mr. Osama Abdeen, Chief Executive Officer of Abu Dhabi National Takaful P.S.C(“TAKAFUL”) commented:
“Abu Dhabi National Takaful P.S.C. (“Takaful”) reported a profit of Dhs15m for the period ended 30 June 2014 compared to Dhs19.8m for the corresponding period of 2013 representing a decrease of 24%. The decrease in net profit is mainly due to the increase in net claims incurred in the motor line of business. This has resulted in an adverse impact on the profitability of our motor portfolio and also attributable to the prevailing intense competition on prices in respect of all lines of business. Despite of the continuity of low technical prices in the UAE insurance market, the company achieved an underwriting profit of Dhs10.6m by implementing our sound underwriting policy. We, at Abu Dhabi National Takaful, are keen on maintaining the trust of our shareholders and customers in the United Arab Emirates and our commitment to provide to our customers the best Sharia’a compliant insurance experience with competitive services and benefits”.
* Awards & Recognitions of Abu Dhabi National Takaful Co. P.S.C (“TAKAFUL”):
• Abu Dhabi National Takaful received ‘Takaful Insurer of the Year’ award at the MENAIR Insurance Awards 2014 held on Wednesday, 15 January 2014, in Dubai, UAE.
• Abu Dhabi National Takaful Co. PSC was announced the ‘Middle East Best Bancatakaful Operator’ at the International Takaful Awards 2014 that were presented during the International Takaful Summit 2014 held on 25-26 February, 2014 in Abu Dhabi, UAE.
• It also received the ‘Takaful Operator of the Year 2013’ award for the Middle East region for the second time and in successive years at the prestigious INSUREX Conference & Awards 2013 held on Wednesday, 02 October 2013, in Dubai, UAE. It was recognized amongst the ‘The Top 500 Companies in the Arab World’ and listed amongst the top 100 companies in the UAE by the Forbes Middle East during a prestigious awards gala dinner under the patronage of H.E Sheikh Nahayan Mabarak Al Nahayan Minister for Culture, Youth & Community Development, held in Abu Dhabi, UAE on Tuesday, 14 May 2013.
• During 2012, Abu Dhabi National Takaful Co. PSC was honoured amongst the best insurance companies in the Middle East region having one of the ‘Top Executive Management in the Arab World 2012’ within the insurance sector by Forbes Middle East. Earlier in 2012, the company was named as the ‘Best Bancatakaful Operator Middle East’ at the International Takaful Summit 2012 held in London, UK, after it won the same award at the Takaful Leadership Awards 2011 held in London, UK.