DUBAI: Takaful Emarat, the Dubai Financial Market (DFM) listed, Shariah-compliant Life and Health Takaful provider, announced its full year financial results for the twelve-month period ended December 31, 2018.
Net profit for the 12 months ended 31st December 2018 was in line with expectations at AED 14 million which reflects one-off costs associated with the acquisition totaling AED 8 million. Net Takaful Income for the period was AED 87.7 million for the twelve months ended 31st December 2018 compared to AED 122 million for the same period in 2017.
Total Assets for the 12 months ended 31st December 2018 were AED 1.038 billion, 23.4% higher than total assets for FY 2017 of AED 840.8 million, reflecting a sustained growth trajectory. Shareholders’ equity increased by 11% from AED 149 million in 2017 to AED 165 million in 2018.
Gross written contributions grew by 2.6% from AED 584 million in 2017 to AED 599 million in 2018, despite challenging market conditions, a notice sent to Dubai Financial Market (DFM) noted.
[the_ad id=”31605″]Mohammed Al Hawari, Executive Board member and Managing Director of Takaful Emarat, said: “We have had a strong year despite many challenging conditions. Net profit was in line with expectations following extraordinary costs associated with the acquisition. Looking ahead, we remain well positioned for future growth underpinned by the operational and strategic shifts we have mode in our business model.
“We have started to see the results of our digital and cultural transformation and operate more efficiently as a business. For example, using Apple’s Device-os-a-Service solution, our sales center is now paperless.
Additionally, we created t-labs, a segment of our business dedicated to exploring new technologies and their applications to the insurance industry. During the period, we implemented Artificial Intelligence (Al) to enhance fraud detection in medical claims and adopted blockchain Pilot Projects to identify fraud in Life insurance underwriting.
“I am pleased to add that we have also been awarded Takaful Insurer’ of the year by the MENA Insurance Awards, which encourages our ambition to drive change within the industry.
“Looking ahead, we look forward to pushing the boundaries of innovation in the insurance industry while simultaneously operating more efficiently as a business.”