Dubai – Mubasher: Takaful Emarat on Sunday reported its results for the full year 2017, indicating that its profits grew 25% to AED 18.8 million from AED 15 million in the year before.

Net Takaful income increased 35% year-on-year to AED 122 million in 2017 from AED 90 million, the company said in a statement.

Meanwhile, Takaful contributions grew 30% in the 12-month period to AED 642 million from AED 493 million in the same period of 2016.

“During the course of 2017, we maintained our focus on growing the business in tandem with strict cost controls and operational efficiencies, which have generated a 25% increase in net profit for the period,” commented Mohammed Al Hawari, executive board member and managing director of Takaful Emarat.

The Islamic insurance company’s assets also grew last year, rising by 15% to AED 841 million compared to AED 732 million registered in 2016, indicating the company’s sustain growth trajectory.

“Our combined business is now the largest Takaful insurer in the UAE, which is a significant achievement for our team. Testimony to our on-going success [came] at the recent MENA Insurance Awards [where] we were recognised as UAE Insurer and Takaful Insurer of the year,” Al Hawari added.

The top official said that his company will continue to grow the business through strategic partnerships such as Bayzat and Souqalmal, as well as through its most recent acquisition of Al Hilal Takaful, which has enabled the company to expand its range of products to include general insurance alongside its life and health solutions.

“Looking ahead to 2018 and beyond, [Takaful Emarat remains] to the digital transformation of our business which is underway and we look forward to communicating further developments to the market in due course,” Al Hawari concluded.