Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant Life and Health Takaful provider, announces its unaudited preliminary financial results for the year ended 31st December 2015.
Net profits for the period were up by 42% to AED 10.21 million for 2015, compared to AED 7.18 million in 2014, due to an expansion in the Medical and Life lines of business, prudent underwriting, and cost efficiency through strict control of general and administrative expenses.
As a result, 2015 was a year of accelerating growth for Takaful Emarat outperforming publicly listed insurance companies, which incurred a combined loss of AED 107 million in 2015, according to market reports.
Other key financial highlights include:-
- Net Operating Profits were up 213% for 2015 to AED 42.08 million compared to AED 13.44 million in 2014 due to significant growth in Gross contributions written.
- Earned contributions increased by 216% to AED 377.89 million for 2015 compared to AED 119.40 million in 2014 due to distribution channel growth in both Medical and Life lines of business.
- Total Assets at 2015 year end were up 89% to AED 439.26 million compared to AED 232.26 million for 2014.
Takaful Emarat’s Chief Executive Officer Wael Al-Sharif commented:
“Our business continues to grow rapidly delivering a strong 2015 full year performance, which is testimony to the success of our new strategy. We remain well positioned to accelerate the growth of our business in the years ahead and capitalise on the significant opportunities that exist in our target markets. I look forward to reporting further progress in due course.”