Dubai – Mubasher: Takaful Emarat – Insurance reported net losses attributable to the shareholders of AED 2.18 million during the first quarter (Q1) of 2020, against net profits of AED 323,635 in the year-ago period.
The company's net takaful income reached AED 18.79 million in Q1-20, compared to AED 21.13 million in the same period of 2019, according to the company's consolidated interim financial results for the period ended on 31 March 2020.
The basic and diluted losses per share stood at AED 0.015 in the first three months of 2020, versus earnings per share (EPS) of AED 0.002 in the corresponding months of 2019.
Meanwhile, the insurer's accumulated losses reached AED 58.026 million, representing 38.68% of the capital.
The accumulated losses were caused by the losses in the medical insurance portfolio in 2019 due to the higher medical claims expenses than expected.
It is noteworthy to mention that in 2019, the company saw net profits of AED 14 million, compared to a net loss of AED 38 million a year earlier.
