Dubai – Mubasher: Takaful Al Emarat on Tuesday announced a 79% drop in its profits for the first quarter of 2017, compared to the year-ago period.
Profits stood at approximately AED 700,000 ($188,000) in Q1-17, compared to AED 3.30 million ($898,000) in Q1-16, according to a filing to the Dubai Financial Market (DFM).
Net income surged 125% to AED 26.8 million in Q1-17 from AED 11.9 million in the same period in the year before.
On a year-on-year basis, revenues grew 54.2% to AED 64.89 million, compared to AED 42.09 million.
A 25% increase in Takaful Al Emarat’s earnings to AED 152.1 million in the first three months of the year from AED 121.9 million in Q1-16 is attributable to the expansion in distribution channels across the medical and life lines of business, according to the statement.
Commenting on the insurance firm’s performance, CEO Wael Al-Sharif stated: “Over the last quarter, we witnessed an increased demand for our insurance policies, which was driven by the final phase of the DHA mandated health insurance…[added to] steady growth over the last three years consecutively, due to our on-going investment in new and efficient ways for our customers to interact with their insurance policy handlers.”
Takaful Al Emarat is also considering new ways to provide “an optimal customer experience through embracing digital and new insurance technologies,” he added.
The DFM-listed company had previously reported a 47% rise in its profits reaching AED 15.01 million in 2016, compared to AED 10.21 million in 2015.
