Takaful Emarat, a leading Sharia-compliant life and health takaful provider in the UAE, posted a net profit of AED 8 million ($2.18 million) for the third quarter of 2024, compared to a loss of AED 850,000 ($231,450) in the same period last year.
Takaful revenue grew 89 per cent to AED 293.6 million ($79.95 million) as against AED 155.2 million in the same period last year. Net takaful income rose 101 per cent to AED 77.3 million year-on-year to AED 38.4 million.
Policy-holders assets increased to AED 734.4 million ($200 million), a growth of 17.7 per cent, while the fair value of their investments reach AED 382.1 million ($104 million) by September 2024, a 12 per cent rise of AED 39.7 million from the same quarter previous year.
Dr Noor Atatreh, chairman, Takaful Emarat, commented: “Takaful Emarat’s Q3 results reflect the company’s resilience and the success of its ambitious strategies. The strong growth in profit and operational performances demonstrate our commitment to delivering added value to our shareholders and policy-holders.”
Takaful Emarat continues to implement its capital restructuring plan, which includes a capital increase of AED 185 million ($50.4 million) expected to be completed by the end of November. This will enhance the financial stability of the company and support its future growth plans.
The company’s operational performance saw significant improvement with net cash inflows from operating activities at AED 73.5 million, compared to a negative cash flow of AED 7.3 million during the same period last year. This was achieved through effective cost management. Operational losses before investment income dropped 36 per cent to AED 11.8 million.
Established in 2008, Takaful Emarat markets a wide range of individual and corporate life and health Takaful products, including protection, savings and investment plans.
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