Abu Dhabi National Takaful Co. PSC announced its financial results for the year ended 31 December 2015. The company's net profit increased by 18 per cent reaching AED 41.6 million for the year 2015 compared to AED 35.7 million for the year 2014.
The underwriting profit increased by 59 per cent reaching AED 35.6 million for the year 2015 compared to AED 22.3 million for the year 2014. A cash dividend of AED 16 million for the year 2015 was approved during the Annual General Assembly Meeting held on Tuesday, 19 April 2015.
With insurance penetration in the Middle East being amongst the lowest in the world, and operating in a very competitive and complex environment, Abu Dhabi National Takaful Company follows a successful Takaful operational model thereby consistently delivering solid financial results.
Mr. Khamis Buharoon Al Shamsi, Chairman of the Board of Directors of Abu Dhabi National Takaful Co. commented, "Despite the economic implications of lower oil prices on a global level and the competitive environment witnessed at large by the insurance market during 2015, Abu Dhabi National Takaful Co. was not only able to achieve a net profit of AED 41.6 million, but also received a ratings upgrade from Stable to "Positive" while maintaining its Financial Strength Rating of B++(Good) and Issuer Credit Rating of bbb+ by AM Best. This clearly reflects the success of our strategy and our Takaful model. It also shows continued profitable growth in our business, backed by professionalism and high competitive standards".
Mr. Osama Abdeen, Chief Executive Officer of Abu Dhabi National Takaful Co. said, "We, at Abu Dhabi National Takaful Co. PSC, are committed to contribute to the development of the insurance industry in the UAE in line with UAE Vision 2021 through tangible and measurable results to our shareholders and innovative products & services for our customers. Our best practices implemented within the Takaful industry such as strong underwriting performance, sound and balanced risk management, the loyalty of our customers and support from our shareholders will continue to provide us with a solid foundation for accelerated profitable growth for years to come."
He further added, "We are proud that Abu Dhabi National Takaful Co. has been ranked sixth in profitability amongst the listed insurance companies in the UAE for the year 2015. The company was also recognised amongst the best performing UAE insurers having ranked second among listed insurance companies in the UAE as reported by Standards & Poor's McGraw Hill "Rating Direct" publication in 2015. This independent report from an international rating agency comes as a testimony to our excellent performance that inspires us to further enhance our competitive product & service offerings."
Chairman of the Board of Directors further added that, "In light of these outstanding results, The Board of Directors, Executive Management and staff members of Abu Dhabi National Takaful Co. P.S.C wish to extend their sincere appreciation and gratitude to His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the UAE and the Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, the Securities and Commodities Authority, the Insurance Authority, the Emirates Insurance Association, our shareholders and our valued customers for their continued trust and support to Abu Dhabi National Takaful Co."
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