Dubai – Mubasher: Takaful Emarat – Insurance incurred accumulated losses of AED 55.4881 million, representing 36.99% of its capital, as on 31 December 2019.
The accumulated losses are attributed to reduced margin and incurred higher medical claims as well as lower returns, the company disclosed to Dubai Financial Market (DFM) on Wednesday.
Therefore, the company has taken measures to tackle the accumulated losses, including the reduction of overhead and discretionary expenses and reviewing underwriting guidelines.
Noteworthy to highlight, in 2019, the company achieved a net profit of AED 14 million last year, against a net loss of AED 38 million a year earlier.
