Abu Dhabi National Takaful Company P.S.C (Takaful), announced financial results for the period ended 31 March 2012, reporting a continued growth in net profit and basic and diluted earnings per share.
Takaful posted a profit for the period ended 31 March 2012 of AED6.1m compared to AED3.6m for the period ended 31 March 2011, which reflects a significant growth of 69.4%.
In addition, Takaful realized an underwriting profit of AED6.0m for the period ended 31 March 2012 compared to AED2.2m for the period ended 31 March 2011, reflecting an increase of 172.7%.
Commenting on the results, Khadem Al Qubaisi Chairman of Abu Dhabi National Takaful Company P.S.C, said: “Building on the solid financial foundations that it has created in 2011, Takaful has managed to overcome the huge difficulties represented in the global financial downturn and the fierce competition in the insurance market to provide value for its shareholders and policyholders. We are delighted and proud of the excellent start to the year 2012, and we look forward to a year of profitable and sustainable growth across all of our business segments.”
Osama Abdeen, Chief Executive Officer of Abu Dhabi National Takaful P.S.C commented: “I’m pleased to announce another set of significant and strong financial results for the first quarter of 2012 for Abu Dhabi National Takaful Company PSC. During the period ended 31 March 2012, ADNTC realized a profit of AED6.1m compared to AED3.6m for the comparative period of 2011, reflecting an outstanding growth of 69%. This has been accomplished by implementing our strategy which focuses on profitability and by diversifying our portfolio mix & underwriting approach. Speaking of which, we have realized underwriting profit of AED6.0m for the period ended 31 March 2012 compared to AED2.2m for the period ended 31 March 2011, reflecting an increase of 172.7%. In addition, we continue to place great focus and invest in customer service and customer reach which is evident by the opening of our new branch in Deira, Dubai during the first quarter of 2012. Our shareholders and policyholders remain at the centre of our focus and attention as we progress by maximizing their returns which is evidenced by the 50% growth in basic and diluted earnings per share which amounted to AED0.06 per share for the period ended 31 March 2012 compared to AED0.04 per share for the period ended 31 March 2011. Last year, we have successfully put ADNTC in a strategic position not only to survive the prevailing challenging financial conditions and fierce market competition, but also to capitalize on the developing market opportunities. Therefore, we can say that ADNTC is progressing in the right direction becoming an effective and highly recognized takaful provider.”
The Board of Directors, executive management and members of Abu Dhabi National Takaful Co. P.S.C staff wish to extend their sincere appreciation and gratitude to Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE and Ruler of Abu Dhabi, to Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, to the Securities and Commodities Authority, to the Insurance Authority, to Emirates Insurance Association, our shareholders and our clients for their continued trust in and support of Abu Dhabi National Takaful Company.