Dubai – Mubasher: Takaful Emarat posted a year-on-year 91% drop in its profits during the second quarter of 2017, according to a bourse statement.
Net profits reached AED 253,490 ($68,990) in Q2-17, compared to AED 2.73 million ($743,000) in Q2-16.
In the first half of 2017, profits declined to AED 944,660 from AED 6.04 million in the same period of 2016.
Net takaful income grew 80% to AED 53.4 million in H1-17, compared to AED 29.6 million in H1-16.
Total assets amounted to AED 885 million in Q2-17, up 12% as compared to the figures recorded in 2016.
“Takaful Emarat has made steady progress in the first half of 2017, with a 31% increase in earned contributions,” Takaful Emarat’s CEO Wael Al Sharif said.
“Despite this stable performance during the quarter and the first half of the year, we continue to make significant investments into upgrading our digital platforms and introducing innovative ways for our customers to select and manage their own insurance policies anywhere, anytime,” Al Sharif added.
