Abu Dhabi – Mubasher: National Takaful Company (Watania) has incurred accumulated losses of AED 47.282 million by the end of the second quarter (Q2) of 2020, representing 31.5% of the capital.

The accumulated losses before 2015 are attributed to higher startup costs and aggressive business model, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

To address the accumulated losses, the company has taken measures that helped it to achieve profits every year since 2016.

Meanwhile, the company will focus on profitable underwriting, cost control, and stable investment income to lower accumulated losses.

It is noteworthy to mention that by the end of the first quarter (Q1) of 2020, the company saw accumulated losses of AED 52.41 million, accounting for 34.9% of the capital.