Abu Dhabi – Mubasher: Abu Dhabi National Takaful Co, a leading insurance company in the Gulf region, has posted a 37% year-on-year growth in net profits for the first quarter of 2019.
The company has recorded a net profit of AED 36.7 million in Q1-19, versus AED 26.9 million in the year-ago period, according to a press release.
Underwriting profit reached AED 28.4 million in the three-month period ended 31 March 2019, up 21% year-on-year from AED 23.5 million, the Abu Dhabi-based insurer indicated.
In line with the notable improvement in financial and non-financial indicators, the company will maintain providing premium customer-oriented services, operating underwriting operations, and offering innovative products and solutions.
The US-based rating agency AM Best has confirmed the continued robust performance of Abu Dhabi Takaful by affirming its financial strength rating at A- and the long-term issuer credit rating at A-.
Khamis Buharoun Al Shamsy, chairman of Abu Dhabi Takaful, said that net profit for shareholders stood at AED 26.7 million in Q1-19, rising 15.6% from AED 23.1 million in the same quarter of 2018.
Al Shamsy attributed the solid financial results to the strategic development plans the company adopted to provide more of the distinct products and services for customers.
In 2018, Abu Dhabi National Takaful had logged a net profit of AED 86 million, compared to AED 64.6 million a year earlier.
