Abu Dhabi – Mubasher: The net profits of National Takaful Company (Watania) declined by 57.7% to AED 7.01 million in the first half (H1) of 2021, compared to AED 16.56 million in the year-ago period, as per the company's unaudited interim financials for the period ended on 30 June 2021.

The company's net takaful contributions earned decreased by 12.7% year-on-year (YoY) to AED 94.039 million in the January-June period of 2021 from AED 107.738 million.

Meanwhile, the company's net takaful income amounted to AED 33.313 million in H1-21, down from AED 48.081 million in the same half of 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.05 in the first six months of 2021, against AED 0.11 in the corresponding period of 2020.

Meanwhile, the insurer's accumulated losses have come down to AED 52.2 million as of 30 June 2021 from AED 71.2 million as of December 2015.

The company’s Chairman, Ali Aldhaheri, commented: "In spite of all the challenges, we were able to maintain positive underwriting results with a combined operating ratio of 99.6%. Watania has therefore responded effectively to the challenge by maintaining its overall profitability."

It is noteworthy to mention that in the first quarter (Q1) of 2021, the company recorded a 74% rise in net profits to AED 3.973 million from AED 2.272 million in the same period of 2020.