Aman net profits surge 79% in nine months

Dubai Islamic Insurance & Reinsurance Company (Aman) on Monday reported a net profit attributable to shareholders of Dh17.8 million for the nine-month period ended September 30, 2021, registering a significant growth of 79 per cent year-on-year basis.

In line with the board’s three-year growth strategy, the company has continued its strong performance through a dual focus on operational expansion and improved investment performance. In the first nine months of 2021, Aman’s gross written contributions reached Dh197.8 million, recording double-digit growth of 14 per cent since December 2020, while pricing pressure and claims expenses increased.

Aman’s total equity has increased by 33 per cent since December 2020, thanks to management’s strategic efforts to strengthen financial performance.

“The fact that we have recorded another quarter of strong growth demonstrates that we are on track in executing our three-year growth strategy despite challenging market conditions. As always, our priority is to improve our bottom line and create long-term value for our shareholders, policyholders and business partners. Given the signs of economic recovery, and with the support of a capable and passionate management team, we expect to close 2021 with strong momentum,” Saleh Al Hashemi, chairman of Aman's Board of Directors, said.

Aman’s chief executive officer, Jihad Faitrouni, said another strong quarter in a row shows that our cost optimization efforts from last year continue to pay off.

“Looking ahead, we remain focused on investing in our digital platform to deliver a comprehensive customer experience and build on our position as the preferred partner for individuals, SMEs and corporates. With the support of a strong Board, we are well placed to capitalise on our strengths over the next quarter and into 2022, particularly as new regulations such as IFRS 17 come into effect,” Faitrouni said.

Last year, Aman embarked on an ambitious three-year strategy to strengthen its financial performance, expand its partner network and attract new customers and business partners. This was in line with the Board’s plan to optimise the investment portfolio to deliver returns for both policyholders and shareholders.

— business@khaleejtimes.com