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Aman reports lower accumulated losses in Q2-23

Aman reports lower accumulated losses in Q2-23
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Dubai – Mubasher: Dubai Islamic Insurance and Reinsurance Company (Aman) incurred accumulated losses valued at AED 140.96 million in the second quarter (Q2) of 2023, lower than the AED 153.08 million reported as of 31 March 2023.

The reported accumulated losses represent 62.44% of the company’s capital, according to a bourse filing.

Aman turned profitable at AED 10.38 million in Q2-23, against net losses attributable to the owners standing at AED 5.18 million in the year-ago period.

Earnings per share (EPS) hit EGP 0.04 in the April-June 2023 period, versus a loss per share of AED 0.02 in Q2-22.

Saleh Al Hashemi, Chairman of Aman, underlined that the DFM-listed company successfully reduced the size of non-strategic assets, which improved its financial situation and achieved good profits during Q2-23 despite the challenging market conditions in the insurance sector in general.

Al Hashemi also indicated that the shareholders' equity in Aman increased by 9% YoY to AED 84.50 million as of 30 June 2023 from AED 77.20 million.