- Noor Takaful General PJSC and Noor Takaful Family PJSC to become Watania Takaful General and Watania Takaful Family following regulatory & shareholder approval.
Dubai, UAE: Dar Al Takaful (“DAT”, the “Company” or the “Group”), one of the leading takaful providers in the UAE, today announces a change of the trade names of its commercial and personal lines of business.
The trade names change is effective today and will see Noor Takaful General PJSC (Motor and non-motor) and Noor Takaful Family PJSC (Life & Medical) becoming respectively Watania Takaful General and Watania Takaful Family.
The change follows the approvals received from the regulator CBUAE and the Dar Al Takaful, as the sole shareholder of both subsidiaries, Noor Takaful General PJSC (Motor and non-motor) and Noor Takaful Family PJSC (Life & Medical), during the Company’s Board of Directors meeting today.
It is part of an extensive strategic brand architecture review that was undertaken post the merger between Dar Al Takaful and National Takaful Company (Watania) which completed on the 1st of July 2022 to bring all business lines under the Watania Takaful moniker.
All business lines will share a common logo style reflecting the best features from both merged companies with a combination of Watania’s styled typography and Noor’s infinity symbol.
There will be no impact on existing policies or business agreements. The Company is rolling out a targeted engagement campaign to ensure all stakeholders including policyholders and the distribution network as well as business partners and suppliers are appropriately informed.
Dr. Ali Saeed Bin Harmal Aldhaheri, Chairman of DAT, said:
“I am pleased to say that the change approved by CBUAE and the board of directors today is another positive step in our strategic direction to reposition the Company operationally to benefit from the growth opportunities in our identified addressable market.
It reflects the Company’s accelerated evolution to become an innovative, customer centric and data-led organization while remaining true to our promise to protect and empower our customers so they can face uncertainties with confidence.
By delivering our services with empathy, integrity and in a simple and responsive way and offering more efficient, cost effective and higher quality services, we are confident we will create value not only for our members but for all stakeholders which will support our expected recovery and return to profitability.”
Gautam Datta, CEO of Dar Al Takaful commented:
“Today’s trade names change for two of our commercial and personal product lines represent a new and exciting step in our passionate journey to deliver on our overriding promise to help our customers by becoming more solutions driven.
This is supported by the extensive progress we have accomplished since the merger to establish a company driven by data analytics with a strong and scalable insuretech capability, a differentiated value based and human approach to dealing with customers right from the start, offering them innovative and cost-effective products that are simple to understand, can be easily managed through our digital platforms and enabling them to settle claims faster.
The new names will be accompanied by a new branding look and feel across both lines of business, underpinning the motivating and empowering values of the combined Group, and reflecting a simple and identifiable way of recognising the various retail and personal brands as we continue to explore strategic opportunities to grow our product mix and returns.”
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About Dar Al Takaful PJSC
Dar Al Takaful PJSC was established in 2008 as a Shari’ah-Compliant insurance company. In 2020, it completed the acquisition of Noor Takaful Family PJSC and Noor Takaful General PJSC. An award-winning insurance company, Noor Takaful has won the prestigious Insurance Brand of The Year 2021 award, conferred by Global Banking and Finance Review, as well as the Best Takaful Company 2021 and Most Innovative Takaful Company 2021, both awarded by World Business Outlook.
In July 2022, Dar Al Takaful completed the merger with National Takaful Company PJSC (Watania), forming one of the leading national Takaful providers in the UAE with share capital of AED 260 million. The merged entity, Dar Al Takaful, trades on the DFM under the ticker [DARTAKAFUL] It focuses on deepening customer reach, leveraging economies of scale, and delivering best-in-class protection and financial security to its policyholders. By capitalizing on its larger underwriting capacity, the company looks to offer more comprehensive and favourable coverage to meet the needs of a wider client base in the UAE’s addressable market, with further growth across the GCC region.
Dar Al Takaful PJSC’s vision is to provide protection and peace of mind. In line with its vision, Dar Al Takaful offers innovative ethical insurance solutions and promotes a culture of excellence among its staff. It offers a full range of takaful products - general, medical, and family - to both individuals and companies in the UAE. The products are offered at its head office in Dubai, online, and through its branches in Abu Dhabi, Sharjah, and Ajman.
For investor and media inquiries:
Unsa Ali, Dar Al Takaful
Unsa.ali@watania.ae
Stefano De Caterina, Instinctif Partners
Stefano.decaterina@instinctif.com
