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Watania records 74% higher profits in Q1-21; lower accumulated losses

Watania records 74% higher profits in Q1-21; lower accumulated losses
The company's net takaful income declined to AED 16.668 million
Watania
WATANIA
-1.00% 0.89 -0.01

Abu Dhabi – Mubasher: The interim financial results of National Takaful Company (Watania) recorded a 74% rise in net profits to AED 3.973 million in the first three months of 2021 from AED 2.272 million in the same period of 2020.

The company's net takaful earned contributions reached AED 47.497 million in the first quarter (Q1) of 2021, down from AED 54.436 million in Q1-20.

The company's net takaful income declined to AED 16.668 million in Q1-21, compared to AED 17.167 million in the year-ago period.

The basic and diluted earnings per share (EPS) stood at AED 0.03 in the January-March period of 2021, compared to AED 0.02 in the corresponding period of 2020.

In the meantime, the company's accumulated losses decreased to AED 40.2 million as of 31 March 2021 from AED 71.2 million as of December 2015.

Commenting on the company's performance, the company’s Chairman, Ali Saeed bin Harmel Aldhaheri, said: "Despite the challenges faced by the insurance industry, The National Takaful Company (Watania) delivered a strong financial performance in the first quarter of 2021 thanks to the improvement in underwriting and investment income."

It is noteworthy to mention that in 2020, Watania's net profits jumped by 40.3% to AED 18.429 million, compared to AED 13.132 million in 2019.