Friday 18 January 2019

Osama Abdel Raouf Abdeen

ADNTC Q1 net profit surges 34pc

ABU DHABI, May 10, 2018

Abu Dhabi National Takaful Co (ADNTC), a leading takaful operator in the region, has posted a combined net profit of Dh26.9 million ($7.32 million) (for policyholders & shareholders before Qard Hasan provision) for the first quarter (Q1) of the year, a growth of 34 per cent compared to Dh20.1 million for Q1 2017.

The technical profit reached Dh33.5 million showing an increase of 24 per cent compared to Dh27 and the underwriting profit reached Dh23.5 million showing an increase of39 per cent compared to Dh17 million for the same period last year.

ADNTC is off to a solid start in 2018 with an upward trajectory in its increasing combined net profitability, a statement said.

In 2017, the company’s combined net profit reached Dh64.6 million showing an impressive increase of 35 per cent compared to Dh48.4 million for the year 2016.

With significant performance improvement across all financial & non-financial indicators, the company continues to focus on maintaining solid underwriting discipline, providing outstanding customer service and offering innovative products & services.

ADNTC’s consistent performance is further endorsed with a Financial Strength Rating of A- (Excellent) and an Issuers Credit Rating of “a-” assigned to it by A M Best. This is the highest rating given to any Takaful operator by A M Best worldwide, the statement said.

Khamis Buharoon Al Shamsi, chairman of ADNTC, said: “ADNTC is off to a solid start in 2018, laying the groundwork for an even better performance for the rest of the year. Looking at our sound business model and strategic development plans, we are confident that we will maintain sustainability in our performance to reach new levels of growth supported by our enhanced products &services.”
Osama Abdel Raouf Abdeen, chief executive officer, ADNTC, said: “In insurance industry, ADNTC continues to make headway as evidenced by our consistent outstanding financial performance year after year.

“Our underwriting profit of Dh23.5 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. To sustain our lead, rest assured that we will remain committed to addressing the needs of our customers by offering the most viable Sharia’a compliant insurance experience.”

In 2017, ADNTC was recognized as the ‘Takaful Company of the Year’ at the 4th Middle East Insurance Industry Awards (MIIA) for its continued excellent performance. – TradeArabia News Service

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