Takaful posts net profit of Dh31.2 million

abu dhabi — Abu Dhabi National Takaful Company or Takaful on Sunday posted a net profit of Dh31.2 million for the nine months period ending September 30, 2013 compared to the Dh23.1 million recorded over the same period last year, with a growth of 35 per cent.

Underwriting profit for the nine months period ending September 30, 2013 increased to Dh25.6 million compared to the Dh22.4 million recorded over the corresponding period, representing a growth of 14 per cent. Gross Takaful contributions for the nine month period increased to Dh229.2 million compared to Dh168.5 million for the nine month period in 2012, representing a growth of 36 per cent.

Khadem Al Qubaisi, chairman of the Abu Dhabi National Takaful Company, said: “Our results for the first nine months of 2013, highlighted by continued growth in profits and shareholder’s equity, lend further credence to the soundness of our measured approach to business.”

Shareholder’s equity by the end of the third quarter of 2013 increased to Dh190.3 million compared to the Dh165.5 million posted for the year ended December 31, 2012, representing a growth 15 per cent. Basic and Diluted Earnings per Share for the nine months increased to Dh0.31 compared to the Dh0.23 for the nine months period in 2012.

Net claims incurred were at Dh22.6 million compared to the Dh15.7 million for the nine months period ending September 30, 2012. Total cash and cash equivalent for the nine months period ending September 30, 2013 was Dh179.5 million compared to the Dh177 million recorded for the corresponding period in 2012.