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Abu Dhabi National Takaful H1 profit falls 24% to AED 15 mln

Abu Dhabi National Takaful H1 profit falls 24% to AED 15 mln
Takaful
TKFL
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Abu Dhabi National Takaful Company, the leading Takaful operator in the insurance industry of the United Arab Emirates and the Middle East, announced on Thursday its financial results for the period ended June 30, 2014.

Takaful posted a profit for the period ended June 30, 2014 of AED 15 million compared to AED 19.8 million for the period ended June 30, 2013, registering a 24% drop in profit. In addition, Takaful realised an underwriting profit of AED 10.6 million for the period ended June 30, 2014 compared to AED 16.4 million for the same period last year.

Chairman of Abu Dhabi National Takaful Company Khadem Al Qubaisi commented on the results saying that “Despite the fierce competition, Abu Dhabi National Takaful remains in the quest for excellence constant at all levels. With this in mind, I am pleased to announce that the company is in the process of obtaining an international financial rating”.

Mr. Osama Abdeen, Company CEO, also commented on the results and said that “Abu Dhabi National Takaful reported a profit of AED 15 million for the period ended June 30, 2014 compared to AED 19.8 million for the corresponding period of 2013 representing a decrease of 24% due to the increase in net claims incurred in the motor line of business. This has resulted in an adverse impact on the profitability of our motor portfolio and also attributable to the prevailing intense competition on prices in respect of all lines of business. Despite of the continuity of low technical prices in the UAE insurance market, the company achieved an underwriting profit of AED 10.6 million by implementing our sound underwriting policy. We, at Abu Dhabi National Takaful, are keen on maintaining the trust of our shareholders and customers in the United Arab Emirates and our commitment to provide to our customers the best Sharia’a compliant insurance experience with competitive services and benefits”.