National Takaful Company earns $3.56mln in net profit in 2019

The company has launched and implemented many new initiatives in 2019 to boost its overall performance


ABU DHABI - The National Takaful Company, Watania, has announced positive financial results for 2019, as the company's net profit increased to AED13.1 million, compared to AED9.4 million in 2018.

While announcing the financial results of the company, Dr. Ali Saeed bin Harmal Al Dhaheri, Chairman of the Board of Directors of the National Takaful Company, declared that the company has launched and implemented many new initiatives in 2019 to boost its overall performance.

Most of these initiatives are focused on enhancing the levels of customer service. For the first time, an external agency was appointed to obtain customer feedback and its findings were utilised to improve the customer service. A new digital platform was launched that allows one of the fastest quotations and policy issuance systems for the motor business in the UAE market. The company was among the first in UAE to subscribe to blockchain technology to manage the recovery process for motor claims from other insurance companies, bringing down the time and material involved in processing such transactions.

Dr. Dhaheri said that Watania has a simple "back to basic" approach to differentiate itself from the market. In fact, a policyholder can expect Watania to attend to his/her requirements professionally and provide a competitive solution. When it is time to claim, the policyholder can expect Watania to be attentive and understanding and settle as quickly as possible without any hassle. Moreover, Watania assures its shareholders of generating a return on their equity that can be compared with the leaders in the market. Finally, Watania provides its employees with a productive work environment where they can grow and fulfil their professional aspirations.

Dr. Dhaheri said in conclusion, "Our view of the market has shifted dramatically due to the worldwide impact of the coronavirus. The usual challenges of liquidity and managing receivables do not seem as critical as the overall recovery of the global economy. The UAE has been at the forefront of taking aggressive steps to control the spread of the virus. However, shutting down of businesses will take a toll on the economy. However, we are confident that once the growth of the virus is brought under control and businesses start to get back to normal, we will be in a good position to seize the advantage."

© Copyright Emirates News Agency (WAM) 2020.

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