Health, life units boost Takaful Emarat's profit

Health, life units boost Takaful Emarats profit
Takaful Emarat CEO Wael Al Sharif says

Dubai - Q1 2016 assets at Dh600m, 36% higher than total for FY-2015

By Staff Report

Published: Sun 15 May 2016, 7:58 PM

Last updated: Sun 15 May 2016, 10:06 PM

Takaful Emarat, the DFM-listed Shariah-compliant life and health takaful provider, on Sunday reported a net profit of Dh3.3 million for the first quarter of 2016, driven by its health and life lines.
The company said its first-quarter 2016 assets stood at Dh600 million, 36 per cent higher than total assets for FY-2015 of Dh439.26 million, reflecting significant growth momentum.
Takaful contributions earned up 55 per cent to Dh121.9 million for the first quarter of 2016 compared to Dh78.6 million for the same period last year. Net takaful income was up by 28.6 per cent to Dh11.9 million for the quarter compared to Dh9.2 million in the year-ago period.
In line with the continued rollout of the Dubai Health Authority's mandatory health insurance scheme, Takaful Emarat recently launched its mandatory insurance for Dubai residency issuance and renewal. The product is for individuals and is specifically tailored for spouses, domestic/basic workers and dependants with residential visas in Dubai, and provides applicants with an easy to use application process through the company's website.
Takaful Emarat chief executive officer Wael Al Sharif said: "Our on-going growth momentum for Q1 2016 reflects the success of our business strategy initiated over the last two years within our core UAE market.  Our health and life product lines continue to be very well received by the market with our dynamic growth underpinned by major government initiatives such as the introduction of mandatory health insurance for Dubai.  This is a legal requirement by June 30, 2016 with Takaful Emarat one of only nine approved vendors."
Al Sharif added: "We will continue to invest in our business as we optimise our product portfolio as well as our customer centric services which are the cornerstone of our continuing success."
"With a successful start to the current year, we remain uniquely well-positioned to accelerate  our growth in the year ahead, capitalise on significant market opportunities and deliver optimal shareholder value. I look forward to reporting on further progress in due course."

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