Abu Dhabi – Mubasher: Abu Dhabi National Takaful Company (ADNTC) on Thursday reported a 34% year-on-year growth in the combined net profit (for policyholders and shareholders before Qard Hasan provision) during the first quarter of 2018.

The UAE-based insurer's combined net profit registered AED 26.9 million in Q1-18 versus AED 20.1 million in the year-ago period, according to a company statement to the Abu Dhabi Securities Exchange (ADX).

“ADNTC is off to a solid start in 2018, laying the groundwork for an even better performance for the rest of the year,” ADNTC’s chairman Khamis Buharoon Al Shamsi commented.

The Abu Dhabi-listed insurer’s technical profit recorded AED 33.5 million in the three-month period ended 31 March, up 24% from AED 27 million in the corresponding period of 2017.

“Our underwriting profit of AED 23.5 million posted for the first three months of 2018 is an indication of our credibility as the leading takaful operator in the region and our steady excellent financial standing,” ADNTC’s CEO Osama Abdel Raouf Abdeen said.