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Abu Dhabi National Takaful eyes expansion

Abu Dhabi National Takaful eyes expansion
The ratings company expected ADNTC’s capital levels to remain strong enough to support the potential strategic initiatives, according to a company statement
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Abu Dhabi – Mubasher: Abu Dhabi National Takaful Co. (ADNTC) is closely observing the events taking place in the Emirati insurance market and considering expansion and acquisition opportunities, Albayan newspaper reported, citing CEO Osama Abdeen as saying.

We have no acquisition plans for the time being but we are on the lookout for any acquisition opportunities, which will be seized once found, the CEO added in a press conference.

A.M. Best gave ADNTC an ‘A-‘ (excellent) financial strength rating (FSR) and an ‘a-‘ long term issuer credit rating with a stable outlook.

The ratings company expected ADNTC’s capital levels to remain strong enough to support the potential strategic initiatives, according to a company statement.

The Abu Dhabi-listed ADNTC last reported a consolidated net profit of AED 40.9 million in the first quarter of 2017, reflecting its financial strength, compared to figures from a year ago.