Takaful Emarat, a Shariah-compliant life and health takaful provider, has posted a net profit of Dh14 million ($3.8 million) for 2018 in line with expectations, reflecting one-off costs associated with the acquisition totalling Dh8 million.

Net takaful income for the period was Dh87.7million compared to Dh122 million for the same period in 2017. Total assets for the 12 months were Dh1.038 million, 23.4 per cent higher than total assets for FY 2017 of Dh840.8 million, reflecting a sustained growth trajectory.

Shareholders’ equity increased by 11 per cent from Dh149 million in 2017 to Dh165 million in 2018.

Gross written contributions grew by 2.6 per cent from Dh584 million in 2017 to Dh599 million in 2018, despite challenging market conditions.

Mohammed Al Hawari, executive board member and managing director of Takaful Emarat, said: “We have had a strong year despite many challenging conditions. Net profit was in line with expectations following extraordinary costs associated with the acquisition. Looking ahead, we remain well positioned for future growth underpinned by the operational and strategic shifts we have made in our business model.”

“We have started to see the results of our digital and cultural transformation and operate more efficiently as a business. For example, using Apple’s Device-as-a-Service solution, our sales center is now paperless.

“Additionally, we created t-labs, a segment of our business dedicated to exploring new technologies and their applications to the insurance industry. During the period, we implemented Artificial Intelligence (AI) to enhance fraud detection in medical claims and adopted blockchain Pilot Projects to identify fraud in Life insurance underwriting.

“I am pleased to add that we have also been awarded ‘Takaful Insurer’ of the year by the Mena Insurance Awards, which encourages our ambition to drive change within the industry.

“Looking ahead, we look forward to pushing the boundaries of innovation in the insurance industry while simultaneously operating more efficiently as a business. I look forward to communicating further updates in due course,” Al Hawari concluded. – TradeArabia News Service

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