Methaq Takaful logs $11.71mln accumulated losses

The accumulated losses are driven by the loss of the fair value

  
Abu Dhabi – Methaq Takaful Insurance Company has incurred accumulated losses of AED 42.77 million as of the third quarter (Q3) of 2020, representing 28.5% of the company's capital.

The accumulated losses are driven by the loss of the fair value of the financial and real estate investments amounting to AED 47 million due to the fluctuations in financial markets, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Tuesday.

To address the accumulated losses, the company has adjusted the business plan for 2020 onward to generate profits from future takaful operations.

It is noteworthy to mention that as of the first quarter (Q1) of 2020, the company's accumulated losses reached AED 46.45 million, representing 30.97% of the capital.

Source: Mubasher

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