Takaful Emarat shareholders ok first cash dividend of AED8 mn

Dubai / EMIRATES BUSINESS

Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant life and health insurer, recently held its Annual General Meeting (AGM) on April 21, 2016, during which shareholders voted for a proposed cash dividend of AED8 million , equating to 5.33 percent of its paid-up capital. The Company’s first ever dividend payout, proposed by the board of directors, follows a 42 percent uplift in Net Profit for the 12 months of the year ended December 31, 2015.
During 2015, Takaful Emarat’s net profits increased to AED10.21 million, compared to AED7.18 million in 2014, due to an expansion in the Medical and Life lines of business, prudent
underwriting, and cost efficiency through strict control of general and administrative expenses. Net Operating Profits were up 213 percent for 2015 to AED 42.08 million compared to AED 13.44 million in 2014 due to significant growth in Gross Contributions Written. Earned Contributions increased by 216 percent to AED377.89 million for 2015, compared to AED119.40 million in 2014, and total assets at 2015 year end were up 89 percent to AED439.26 million compared to AED232.26 million for 2014.
Takaful Emarat’s Chief Executive Wael Al-Sharif said, “Takaful Emarat’s business continues to grow rapidly as can be seen from our strong 2015 full year performance. This in turn, enables us to accelerate our further growth strategy, and positions us well to capitalise on the opportunities that currently exist, and will arise, in our target markets.”
Following their successful performance, Takaful Emarat recently announced the expansion of its offering to include Mandatory Insurance for Dubai Residency issuance and renewal.
The insurance is for individuals, and is specifically tailored for domestic/basic workers.