Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant Life and Health Takaful provider, announced its full year financial results for the twelve-month period ended 31st December 2018 which has been approved by the Board of Directors.
Key Financial Highlights
Net profit for the 12 months ended 31st December 2018 was in line with expectations at AED 14 million which reflects one-off costs associated with the acquisition totaling AED 8 million.
Net Takaful Income for the period was AED 87.7 million for the twelve months ended 31st December 2018 compared to AED 122 million for the same period in 2017.
Total Assets for the 12 months ended 31st December 2018 were AED 1.038 million, 23.4% higher than total assets for FY 2017 of AED 840.8 million, reflecting a sustained growth trajectory.
Shareholders’ equity increased by 11% from AED 149 million in 2017 to AED 165 million in 2018.
Gross written contributions grew by 2.6% from AED 584 million in 2017 to AED 599 million in 2018, despite challenging market conditions.
Mohammed Al Hawari, Executive Board member and Managing Director of Takaful Emarat, said:
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