Abu Dhabi National Takaful announces growth of 70% in net profit

08/08/2016 08:48 AST

Abu Dhabi National Takaful Co. PSC (TAKAFUL), the leading Takaful operator in the region, announced its financial results for the period ended 30th June 2016.

The company announced a net profit of AED 30.3 Million for the period ended 30th of June 2016, compared to AED 17.8 million over the same period during 2015. Underwriting profit was the key contributor and the company achieved an underwriting profit of AED 22.9 million for the period ended 30th June 2016, compared to AED 14.1 million over the same period last year.

The financial highlights are as follows:

Net profit for the period ended 30th June 2016 reached AED 30.3 million compared to AED 17.8 million for the period ended 30th June 2015 representing an impressive increase of 70%. Underwriting profit for the period ended 30th June 2016 reached AED 22.9 million compared to AED 14.1 million for the period ended 30th June 2015 representing an increase of 62%.

Gross Takaful Contributions for the period ended 30th June 2016 amounted to AED 168.5 million compared to AED 138.7 million for the period ended 30th June 2015 representing an increase of 21%.

Net Claims Incurred for the period ended 30th June 2016 reached AED 27 million compared to AED 20 million for the period ended 30th June 2015 representing increase of 38%.

Total cash and bank balances as of 30th June 2016 reached AED 263.2 million compared to AED 252.6 million as on 31st December 2015.

Total Shareholder's equity as of 30th June 2016 reached AED 256.2 million compared to AED 241.0 million as on 31st December 2015.

Commenting on the results, Mr. Khamis Buharoon Al Shamsi, Chairman of Abu Dhabi National Takaful Company P.S.C ("TAKAFUL") said:

"ADNTC continues to deliver extremely strong and consistent financial results through the first half of year 2016 with a net profit of AED 30 million for the period ended 30th June 2016. Despite the challenging business environment, Abu Dhabi National Takaful's strategy remains focused on delivering sustainable results with profitable growth".

Mr. Osama Abdeen, Chief Executive Officer of Abu Dhabi National Takaful P.S.C("TAKAFUL") commented:

"We at Abu Dhabi National Takaful are pleased with our first half results for 2016, as also with the consistent profitable growth that is evident in each line of our well diversified portfolio mix. We continue to maintain the trust of our shareholders and customers which reflects in the quality of our business. Our strong financial performance is a testimony to the successful business model we adopt as evidenced in our strategic growth pillars, besides the sound market credibility and financial strength that we continue to enjoy. We remain committed to providing our customers with innovative Sharia'a compliant insurance solutions, competitively priced benefits and seamless service experience.

Press Rlease