DUBAI - Watania International Holding (WIH) reported today a net profit of AED5.9 million in its preliminary consolidated results for the first quarter ended 31st March 2024.

In a statement issued by the company on Wednesday, it said that combined operating ratio improved to 97% compared to 110% during the corresponding period last year thanks to the significant improvements in the results of both Medical and Motor Takaful lines of business.

Dr. Ali Saeed bin Harmal Aldhaheri, Chairman of WIH, said, “The company is increasingly well positioned with a flexible and scalable business model and solid infrastructure to capitalise on the substantial growth in the regional insurance and Takaful sector, which is expected to expand at a compound growth annual rate of 11.6% during 2023-2030.”