Aman losses decrease to Dhs1.2 million in Q3 of 2022

DUBAI: The Board of Directors of Dubai Islamic Insurance & Reinsurance Company (Aman), the pioneering UAE Takaful insurance provider, has approved the company’s audited financial statements for Q3 of 2022.

The financial results showed a decrease in the losses of “Aman” during Q3 of this year to Dhs1.2 million, while its total losses since the beginning of 2022 until the end of September reached Dhs6.2 million.

Aman stated that these losses caused by the company’s insurance operations are anticipated to be its last, because the company is in the process of selling its insurance businesses to other companies, as announced earlier.

It is worth mentioning that the shareholders’ equity has improved since 2019; moreover, the company is expecting a growth of more than 50 per cent in shareholders’ equity by the end of the year due to the sale of its insurance businesses.

Commenting on Q3 results, Dr Saleh Al Hashemi, Chairman of Aman, said, “Despite the market challenges that faced the insurance sector in general, we delivered a robust performance and continued to make great progress that contributed to downsising non-strategic assets, which led to a positive improvement in the company’s financial position.”

“The Board of Directors approved a strategic plan to quit the insurance business and transform the company into an investment firm in two phases. The first is to sell and transfer the insurance porfolio to the buyers, while second is to transform the Company into an investment company,” Al Hashmi added.