Abu Dhabi National Takaful Co. PSC (ADNTC) has announced its financial results for the year ended 31 December 2017.
The company posted a combined net profit of AED 64.6 million for the year 2017 (for policyholders and shareholders before Qard Hasan provision). Shareholders net profit reached AED 59 million compared to AED 48.4 million for the same period last year representing an impressive increase of 22 per cent. The total gross contributions reached AED 373.8 million compared to AED 320.8 million for the year ended 31 Dec 2016 representing 16.5 per cent increase.
These results were released after the approval of the annual general assembly meeting held on Monday, 9 April 2018, where AED 20 million in dividends representing 20 per cent of the paid-up capital (20 fils per share) were also declared for 2017. Due to the company’s consistent strong performance, 2017 dividend’s distribution is the highest compared to previous financial years where during 2013 to 2016 the company distributed dividends representing 16 per cent of its paid-up capital.
This performance marks ADNTC’s eighth consecutive year of continuous increase in net profits that was significantly boosted by excelling across all financial and non-financial key performance indicators with a focus on providing excellent customer service and unique products offerings.
Khamis Buharoon Al Shamsi, Chairman of the Board of Directors of ADNTC said that 2017 has been a remarkable year, where the company has delivered its strongest annual financial results to date. The shareholders net profit reached AED 59 million in 2017 compared to AED 48.4 million in 2016 showing an impressive increase of 22 per cent, reflecting the successful execution of strategies, long-term vision and the soundness of the business model.
During 2017, ADNTC maintained its financial strength rating of A- (Excellent) and an issuers credit rating of (a-), which is the highest rating assigned to a Takaful operator by A.M Best worldwide. This showcases the company's stability and reinforces its position as one of the leading Takaful operators in the region.