National Takaful Company (Watania) reports AED 2.7million Profit in Q2 2017
National Takaful Company’s Q2 2017 results indicated that the total profit for Q2 2017 increased by 272 per cent with an amount of AED 2.7 million compared to a deficit of AED 1.5 million the previous year.
Takaful operations have achieved a surplus of AED 44,000, compared to a deficit of around AED 7.3 million for 2016.
His Excellency Ali Bin Harmel Al Dhaheri, Chairman of the Board of Directors of National Takaful Company (Watania), said that in the year 2016, the Company’s performance received support and reinforcement. Watania stopped some of its operations that caused it to incur loss, and also developed a clear strategy to identify and develop the profitable sectors. The success of this strategy was reflected in the numbers that were achieved since for the first time in the history of the Company.
The adoption of incisive strategies by the Board have successfully manage to turn around the loss making company into profit, and Management is concentrating more on Customer Satisfaction and loyalty. Watania also has new products in pipeline, and the company is also considering some new channels and expansion into new geographical areas.
“[The] Takaful industry in UAE is going through challenging times. New regulations related to investments and solvency is putting strains, forcing some companies to focus on operational profitability. The need to improve performance of this sector is evident from market data. Takaful companies have to focus on improving their performance. I believe that if we are able to develop the operations then our future is bright. This will show better value for our shareholders,” said Bin Harmel Al Dhaheri.