Abu Dhabi National Takaful Maintains Strong Performance Momentum in 2017 With a Combined Net Profit of Dh52 Million at End of Third Quarter 2017

Press release
Published November 12th, 2017 - 10:31 GMT
Shareholders net profit reached AED 47.2 million compared to AED 45 million for the same period last year, achieving an increase of 5 per cent.
Shareholders net profit reached AED 47.2 million compared to AED 45 million for the same period last year, achieving an increase of 5 per cent.

Abu Dhabi National Takaful, the leading takaful operator in the MENA region and one of the most progressive insurance companies in the UAE, reported strong financial results by achieving a combined net profit of AED 52 million (Policyholders and Shareholders before Qard Hasan) and an underwriting profit of AED 41.4 million as at end of Q3 2017. Shareholders net profit reached AED 47.2 million compared to AED 45 million for the same period last year, achieving an increase of 5 per cent.

The combined net profit of AED 52 million for the first nine months of 2017 increased by 16 per cent compared to AED 45 million for the same period last year, while the underwriting profit of AED 41.4 million rose by 19 per cent compared to AED 34.9 million for the same period last year.

Khamis Buharoon Al Shamsi, Chairman of the Board of Directors, ADNTC, commented: “We are pleased to produce another quarter of excellent results. Our impressive profitability with earnings per share of AED 0.47 as at the end of Q3 2017 is in line with our growth aspirations and reflects the soundness of our robust business model and overall management strategy.

Osama Abdel-Raouf Abdeen, Chief Executive Officer, ADNTC, commented: “We continue our journey of success by effectively executing our strategies. Achieving a combined net profit of AED 52 million as at end of Q3 2017 is a remarkable feat that further endorses ADNTC’s financial strength and strong market credibility. In September 2017, international rating agency A.M. Best also reaffirmed our Financial Strength Rating of ‘A-’ (Excellent). As we move closer towards a strong finish to yet another remarkable year, we thank our loyal customers, business partners, highly skilled management team & dedicated staff for our achievements that have enabled us to continue to outperform our peers in the marketplace.

Background Information

National Takaful Company

NTIC is a National join stock company established in 2003.
NTIC's Paid up capital is KD10,000,000 Millions.
NTIC was established by the leading business groups in both Arab & Kuwaiti market.
The company's general policy is drawn and managed by Kuwaiti board of directors in addition to the elite department managers and employees with wide experience and unique professionalism.

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