Monday 08, May 2017 by William Mullally

Abu Dhabi National Takaful announces 2016 financial results

Abu Dhabi National Takaful Co. PSC  has released its Financial Statement for the year ended 31 December 2016.

The company published a net profit of AED 48.4 million for the year 2016 compared to AED 41.5 million for the year 2015 representing an increase of 16.4 per cent.

The results were released after the approval of the Annual General Assembly meeting held on Monday, 10 April 2017 where AED 16 Million in dividends representing 16 per cent of the Paid-Up Capital (16 fils per share) were also declared for 2016. The company has distributed the same dividends for the financial years 2013,2014,2015 and 2016 based on its consistent strong performance over the years.

This performance, which marked the company’s seventh consecutive year of increase in its net profitability, was immensely boosted by excelling across all financial & non-financial indicators with a key focus on excellent customer service and unique products offering.

Mr. Khamis Buharoon Al Shamsi, Chairman of the Board of Directors of Abu Dhabi National Takaful Co. PSC commented, "We successfully delivered another year of strong financial and operational performance. The company posted a net profit of AED 48.4 million in 2016 compared to AED 41.5 million in 2015 despite the economic challenges faced by lower oil prices and market volatility. This clearly reflects the success of our strategy and the strong foundation that we have built our takaful model on”.

Mr. Osama Abdel Raouf Abdeen, Chief Executive Officer of Abu Dhabi National Takaful Co. PSC said, "We, at Abu Dhabi National Takaful Co. PSC, are committed to contribute positively to the UAE insurance industry by following our prudent strategy which despite the challenging year of 2016, resulted in 16.4 per cent increase in profitability compared to the year before. In 2016, our tangible and measurable results to our shareholders, innovative products & services for our customers, strong underwriting performance, adequacy of reserves, sound & balanced risk management and the best practises implemented were viewed very positively by both local and global monitors of the industry.

In August 2016, global rating agency A.M. Best upgraded the company’s financial strength rating to A- (Excellent) from B++ (Good) and its issuer credit rating to “a-” from “bbb+”. Distinctly, this is considered to be the highest rating assigned to any Takaful operator by A.M Best worldwide.

In November 2016, the company was awarded by the Insurance Authority of UAE having ranked first in the category of “Compliance” for the year 2016 as the best insurance company following the legal and financial rules and regulations issued by the authority for Year 2016. Also, in November 2016, the company won “General Takaful Company of the Year” award at the 3rd Middle East Insurance Industry Awards (MEIIA) held in Dubai, UAE.

In January 2017, the company won “Takaful Insurer of the Year 2016” for the fourth year since 2014 at the MENA IR Insurance Awards in Dubai, UAE.

Mr. Abdeen added, “The loyalty of our customers and support from our shareholders will continue to provide us with a solid foundation for accelerated and continued profitable growth of our business in years to come".

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 in and support to Abu Dhabi National Takaful Co. PSC”.

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