Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the region and one of the most progressive insurers in the UAE announced its financial results for the year ended 31 December 2017.
The company posted a combined net profit of AED 64.6 million for the year 2017 (for policyholders & shareholders before Qard Hasan provision). Shareholders net profit reached AED 59.0 million compared to AED 48.4 million for the same period last year representing an impressive increase of 22%. The total gross contributions reached AED 373.8 million compared to AED 320.8 million for the year ended 31st Dec 2016 representing 16.5% increase.
These results were released after the approval of the annual general assembly meeting held on Monday, 09 April 2018, where AED 20 million in dividends representing 20% of the paid-up capital (20 fils per share) were also declared for 2017. It is worth noting that due to the company’s consistent strong performance, 2017 dividend’s distribution is the highest compared to previous financial years where during 2013 to 2016 the company distributed dividends representing 16% of its paid-up capital.
This stellar performance marks ADNTC’s eighth consecutive year of continuous increase in net profits that was significantly boosted by excelling across all financial & non-financial key performance indicators with a focus on providing excellent customer service and unique products offerings.
Mr. Khamis Buharoon Al Shamsi, Chairman of the Board of Directors of Abu Dhabi National Takaful Co. PSC commented: “2017 has been a remarkable year for us where we successfully delivered our strongest annual financial results to date. The shareholders net profit reached AED 59.0 million in 2017 compared to AED 48.4 million in 2016 showing an impressive increase of 22%. This reflects the successful execution of our strategies, our long-term vision and the soundness of our business model”.
Mr. Osama Abdel Raouf Abdeen, Chief Executive Officer of Abu Dhabi National Takaful Co. PSC said: "We successfully completed another year of exceptional financial results and operational excellence in 2017. We will continue contributing positively to UAE insurance industry by executing our prudent strategy that, despite a challenging year, resulted in an impressive increase of 22% in profitability in 2017 compared to 2016. The loyalty of our customers and support from our shareholders will continue to provide us with a solid foundation for accelerated and continued profitable growth of our business in years to come".
During 2017, ADNTC maintained its financial strength rating of A- (Excellent) and an issuers credit rating of (a-), which is the highest rating assigned to a Takaful operator by A.M Best worldwide. This showcases the company's stability and reinforces its position as one of the leading Takaful operators in the region.
For its continued excellent performance, the company was awarded ‘Takaful Company of the Year’ at the 4th Middle East Insurance Industry Awards (MIIA) in 2017.
Chairman of the Board of Directors further added that "In light of these outstanding results, the Board of Directors, Executive Management and staff members of Abu Dhabi National Takaful Co. P.S.C wish to extend their sincere appreciation and gratitude to His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the UAE and the Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, the Securities and Commodities Authority, the Insurance Authority, the Emirates Insurance Association, our Shareholders and our valued customers for their continued trust in and support to Abu Dhabi National Takaful Co. PSC”.
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