Islamic insurance provider Abu Dhabi National Takaful Company, or Takaful, earned Dh11.75 million in net profit in the first six months of the year, 23 per cent higher than the same period a year earlier.
Takaful posted an underwriting profit of Dh11.3 million for the six months period ended 30 June 2012 compared to Dh6.7 million, which reflects “a significant growth of 69 per cent and reduced its net claims by 38 per cent.”
In addition, basic and diluted earnings per share grew by 20 per cent, the insurance provider said. Commenting on the results, Khadem Al Qubaisi, Chairman of Abu Dhabi National Takaful Company, said: “The results reflect the current market conditions and the fierce competition.”
Osama Abdeen, chief executive officer of Abu Dhabi National Takaful, said: “Our strategy incorporates a focus on profitability while working on diversifying our portfolio, products offerings and underwriting discipline. It has yeilded results over the past few years and “we intend to maintain, yet further develop it over the future periods. Looking at these results. We can be justifiably optimistic about the second half of 2012 and we look forward to further progress, growth, and success.”