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Dubai / WAM
Takaful Emarat, the DFM-listed, Shariah-compliant Life and Health Takaful provider, announced its Q2 financial results for six-month period ended June 30. Results were approved at the company’s Board of Directors meeting.
Takaful Emarat reported a net profit of AED0.9 million for the first half of the year. This growth is attributed to the company’s continuous investment in its Life and Health lines of insurance, as well as the increased investment in the digitisation of its products, a key aspect of the company’s growth strategy. Key financial highlights include that the net Takaful income rose 80 percent to AED53.4 million for H1 2017 compared with AED29.6 million for H1 2016.
Takaful contributions ear-ned increased by 31% to AED311.8mn for H1 compared to AED237.8 million in H1 2016 due to the company’s investment in digitisation of their Life and Health lines of business. Total assets in Q2 are at AED885mn were 12% higher than total assets as of 2016.
Takaful Emarat’s continuous growth has been attributed to their ongoing investment in their Life and Health lines of business, and the strategic investments made into their digital development and evolution. During Q1 and Q2, the company made further strides into ensuring they have the right infrastructure in place for the second phase of their digital journey, which is due to take place during the second half of the year. These investments are in line with Takaful Emarat’s continued focus on providing its customers with a comprehensive portfolio of best-in-class insurance products
that are fully supported by a customer-centric service.
Wael Al-Sharif, Takaful Emarat’s Chief Executive Officer, said, “Takaful Emarat has made steady progress in the first half of 2017, with a 31 percent increase in earned contributions. Despite this stable performance during the quarter and the first half of the year, we continue to make significant investments into upgrading our digital platforms and introducing innovative ways for our customers to select and manage their own insurance policies anywhere, anytime. In line with the UAE’s vision of becoming a Smart City, at Takaful Emarat we too look towards a smart future, and have made further investments which are to be announced in the second half of this year. We are very excited to share these updates with you in due time.”