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DUBAI / GULF TIME
The General Assembly of Takaful Emarat Insurance Company announced an additional capital increase of AED 185 million, bringing the total capital to AED 210 million. This decision came in light of the outstanding performance and significant growth achieved by the company’s insurance operations, which achieved a 79% increase in the first quarter of 2024. Insurance revenues reached AED 84 million, compared to AED 47 million for the same period last year.
Mohammed Abu Quora, CEO of Takaful Emarat, stated: “Since the beginning of the year, the company has witnessed remarkable performance and significant growth thanks to the strategies implemented by the new management. We are now in a strong financial position that allows us to explore new opportunities for growth and expansion. We look forward to the future with optimism and aim to achieve more accomplishments.
We believe that the shareholders’ approval of the capital increase, along with our strategic initiatives, will position the company for sustainable growth and profitability in the years to come.”
Abu Quora added: “The insurance revenue results for the first quarter confirm the company’s leading position in the health and takaful insurance sectors for both corporates and individuals, and enhance our clients’ confidence in our services. We expect these positive trends to continue steadily with the announcement of the second quarter results. We are currently working on developing a long-term business plan to enhance IT systems, improve operational efficiencies, and expand the market regionally and globally by offering insurance programs with global coverage in partnership with leading global companies in the field of individual health insurance to meet the increasing needs of clients and provide comprehensive protection amidst the current changes and developments in the UAE market.”
It is worth mentioning that despite recent challenges, the company has maintained good performance levels. The Board of Directors restructured the executive management and appointed a new management team with extensive experience. They also called for a General Assembly vote to write off accumulated losses from previous years amounting to AED 132.43 million, followed by a capital increase through a rights issue of new shares valued at AED 1 each. This initiative aims to strengthen the company’s capital base to create new opportunities for business expansion, ensuring the availability of necessary resources to support and grow the company’s future operations. Additionally, the investment portfolios and channels were restructured alongside the appointment of a Chief Investment Officer to improve and maximize the company’s investment returns.
Abu Quora noted that part of this success is attributable to the economic growth in the UAE and the numerous investment opportunities provided by the thriving economic environment. These factors have contributed to boosting the confidence of clients and investors, supporting the company’s pursuit of further achievements in the future.