UAE takaful insurer Aman's Q3 net profit up 14%

Leading UAE takaful insurance provider Aman said it has delivered a solid performance for the third quarter, registering a AED9.9 million net profit attributed to shareholders, up 14% compared to AED 8.7 million for the same period last year.

Announcing its financial results for the nine months period ended September 30, Aman said the shareholders equity as well has grown by 3.6% during this period to reach AED76.9 million from AED74.2 million in Q3-2019.

Aman has written a gross contribution of AED173.2 million for the Q3 and has shown a profit of AED 600,000 attributable to policyholders.

Commenting on the results, Chairman Dr Saleh Al Hashemi said: "Aman is performing at its best to secure value for all stakeholders under this unprecedented challenging situation and committed to deliver better results in the coming days."

"Our emphasis remains on grabbing potential opportunities under this prevailing market conditions to ensure overall growth of the company for the benefit of its all stakeholder including shareholders, policyholders, business partners and staff," he stated.

"In addition to investing in new technology to improve its productivity, Aman also continued to downsize its non-strategic assets by closing two non-profitable branches to achieve around 9% reduction in its general cost and to remain on track to achieve its 2020 targets," he added.

CEO Jihad Faitrouni said: "It is obvious that our strategy and prudent action has enabled us to provide such good results and we thank all partners for their trust and support extended to Aman. I am optimistic for a better future and rewarding results to all our partners."

The company has made further headway in strengthening and growing its core businesses as well as diversifying its products and service offerings within its core businesses.

"This is following an active quarter which saw Aman demonstrating clear progress on its plans to increase recurring revenue streams through permanent growing Takaful products," he added.-TradeArabia News Service

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.