ABU DHABI: Abu Dhabi National Takaful Company, a leading takaful operator, has posted a net profit of Dh20.1million ($5.4 million) for the first quarter (Q1) of the year, marking a 12 per cent over the net profit of Dh18.1 million for Q1 2016. Q1 2017 results are a continuation of the company’s strong performance in net profitability over the past seven years. In 2016, ADNTC’s net profit increased by 16.4 per cent to Dh48.4 million as compared to Dh41.6million in 2015. The company attributes its success to excelling across all financial & non-financial indicators with a key focus on sound underwriting discipline, excellent customer service and unique product offerings.
ADNTC’s Q1 2017 underwriting profit reached Dh17 million showing an increase of 10 per cent as compared to the underwriting profit of Dh15.4 million that was reported for the same period last year. In addition, the company achieved a technical profit of Dh27 million, showing an increase of 10 per cent compared to the technical profit of Dh24.6 million reported for the same period last year. Q1 2017 results are a further endorsement of the Financial Strength Rating of A- (Excellent) and an Issuers Credit Rating of “a-”assigned by A.M. Best, which is the highest rating given to any Takaful operator by A.M Best worldwide. Khamis Buharoon Al Shamsi, chairman, ADNTC, said: “The results of the first quarter of 2017 show a very positive start to the year and a strong indication of the uptrend we aim to maintain throughout 2017. The company reported a net profit of Dh20.1million, which is 12 per cent higher than the results of Q1 2016. This reinforces the solid foundation we have laid and the success of our strategic business model.”
Osama Abdel Raouf Abdeen, chief executive officer, ADNTC, said: “Our outstanding progress in the region for the past years is clearly reflected in the excellent performance that we have posted for the first quarter of 2017 with underwriting profit going up to 10 per cent from Dh15.4 million to Dh17 million.” “Our strong and profitable financial performance is a testament 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 focused on strengthening the trust of our shareholders and customers while also being fully committed towards providing the best Sharia’a compliant insurance experience with competitive services and benefits to our customers,” he added.
