Abu Dhabi National Takaful Earns AED20.1 Million Net Profit in Q1, 2017Source: www.export-egypt.com 6/1/2017, Location: Middle East |
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Abu Dhabi National Takaful Co., ADNTC, has announced its first quarter, Q1, 2017 results with a net profit of AED20.1 million, showing an increase of 12 percent over the net profit of AED18.1 million for the same period in 2016.
The company says that these results are a continuation of strong performance in net profitability over the past 7 years. In 2016, ADNTC’s net profit increased by 16.4 percent to AED48.4 million as compared to AED41.6 million in 2015. ADNTC's Q1 2017 underwriting profit reached AED17 million, showing an increase of 10 percent compared to the underwriting profit of AED15.4 million reported for the same period last year. In addition, the company achieved a technical profit of AED27 million, showing an increase of 10 percent compared to the technical profit of AED24.6 million reported for the same period last year. The results are further endorsement of the Financial Strength Rating of "A-" (Excellent) and an Issuers Credit Rating of "A-" assigned by A.M. Best, which is the highest rating given to any Takaful operator by the company worldwide. Khamis Buharoon Al Shamsi, Chairman of the Board of Directors of ADNTC, said, "The results of the first quarter show a very positive start to the year and a strong indication of the uptrend we aim to maintain throughout 2017. The company reported a net profit of AED20.1 million, which is 12 percent higher than the results of Q1, 2016. This reinforces the solid foundation we have laid and the success of our strategic business model." Osama Abdel Raouf Abdeen, Chief Executive Officer, ADNTC, said, "Our outstanding progress in the region for the past years is clearly reflected in the excellent performance that we have posted for the first quarter of 2017 with underwriting profit going up to 10 percent from AED15.4 million to AED17 million. Our strong and profitable financial performance is a testament to the successful business model we adopt as evidenced in our strategic growth pillars, besides the sound market credibility and financial strength that we continue to enjoy. We remain focused on strengthening the trust of our shareholders and customers while also being fully committed towards providing the best Sharia-compliant insurance experience with competitive services and benefits to our customers." |
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