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08/11/2017 13:58 AST
Takaful Emarat, the DFM-listed, Shariah-compliant Life and Health Takaful provider, today announced its Q3 financial results for the nine-month period ended 30th September 2017.
Net Takaful Income up 62% to AED 77.9 million for Nine Month period ended 30 September 2017 compared to AED 48.2 million for the same period in 2016.
Takaful contributions earned for the nine months ended September 30th, increased by 28%
to AED 467.8 million compared to AED 364.4 million for the comparable period in 2016 due to the expansion in the Company's distribution channels across both the Medical and Life lines of business.
Total Assets for the period under review were AED 1,008 million, 27% higher than total assets for FY 2016 of AED 793.1 million, reflecting a sustained growth trajectory.
Net profit (Investment Income and Operating Income) for the period was AED 1.4 million, up 55.5 % from the Company's H1 2017 net profit of 0.9 million reported earlier this year. This compares to Net profit of AED 11.2 million for the nine-month period in 2016 which was primarily driven by investment performance.
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Takaful Emarat has agreed a deal to buy Al Hilal Bank's takaful unit in a cash deal it said will create the biggest Islamic insurance business in the United Arab Emirates, based on 2016 figures.
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Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia