Takaful Emarat turns around; makes AED7mn profit

BBN Report

DUBAI/April 05-2021: Takaful Emarat, the DFM-listed Shariah-compliant life and health takaful provider, has reported a net comprehensive income of AED7 million, compared with an AED37 million loss recorded for the previous year.

The company said these results follow a comprehensive restructuring during which the company maintained salaries and benefits for all its employees.

Leading position

The company believes that these results are a testimony for the company’s strategy in leveraging innovation and focusing on digital solutions, which helped strengthen Takaful Emarat’s leading position in the insurance sector in the UAE.

While the gross written contributions for 2020 was AED614 million against AED606 million last year, the 2020 net takaful income was AED80.8 million compared with AED77.5 million a year earlier.

General and administrative expenses during 2020 were curbed at AED60.5 million, 30.6 per cent lower compared with AED87.2 million in 2019.

Wael Al Sharif (seen in the picture), CEO of Takaful Emarat, said that during the past year, the company has followed an aspirational and transformative strategy that covered various aspects helping the company arrive at good results.

“We have carefully evaluated all sectors of our business and invested in a state-of-the-art technology by continuing to focus on innovation and operational resilience, which enhanced our capacity to reach a wider customer base and achieve exceptional levels of loyalty,” said Al Sharif.

Takaful Emarat said it has proven its readiness to deal with the various exceptional circumstances the insurance sector went through, especially in light of the challenges posed by the COVID-19 pandemic around the world.

Established in 2008, Takaful Emarat is a Shariah-compliant life, health and general takaful insurance provider in the UAE, listed on the Dubai Financial Market (DFM).

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