Watania logs accumulated losses

The company will focus on profitable underwriting

  

Abu Dhabi – Mubasher: National Takaful Company (Watania) has incurred accumulated losses that reached AED 52.41 million by the end of the first quarter (Q1) of 2020, representing 34.9% of the capital.

The accumulated losses are attributed to the losses incurred during the company's initial years of operations from 2011 to 2015 due to its start-up phase and underwritten large accounts, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.

To address these losses, the company will focus on profitable underwriting, good customer service, cost control, and stable investment income.

Last year, the company achieved net profits of AED 13.13 million, up from AED 9.47 million in 2018.

Source: Mubasher

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