UAE - Takaful Emarat announced its financial results for 2020, reporting record financial results, with net comprehensive income reaching Dh7 million, compared to a Dh37 million loss recorded the year before.
The promising results from the Dubai Financial Market-listed Shariah-compliant life and health takaful provider come amid wide uncertainty and financial turmoil around the globe caused by the Covid-19 crisis.
These results follow a comprehensive restructuring during which the company maintained salaries and benefits for all employees, in a step that highlights its HR-centred approach and a deep confidence in its ability to overcome the implications of the pandemic.
They are a testimony for the company's strategy in leveraging innovation and focusing on digital solutions, which contributed to strengthening Takaful Emarat's leading position in the insurance sector in the UAE.
Gross written contributions for 2020 was Dh614 million compared to 2019's Dh606 million, while 2020 net takaful income was Dh80.8 million compared to 2019's Dh77.5 million.
General and administrative expenses decreased to Dh60.5 million in 2020, 30.6 per cent lower compared to Dh87.2 million in 2019.
Wael Al Sharif, CEO of Takaful Emarat, said: “During the past year, we have been following an aspirational and transformative strategy that covered various aspects which is clearly demonstrated in our results for 2020. With this said, I am pleased to extend my thanks and appreciation to every member of our board of directors for their contributions and supervision. I also congratulate our leadership team, and all employees and partners on this success."
“We have carefully evaluated all sectors of our business and invested in a state-of-the-art technology by continuing to focus on innovation and operational resilience, which enhanced our capacity to reach a wider customer base and achieve exceptional levels of loyalty. Takaful Emarat has become an instructive illustration in terms of applying the latest technologies and innovations, which streamlines our customers' access to our services, and reinforces our company’s standing as a leader of the UAE's insurance sector," he added.
"Looking ahead to the rest of 2021 and beyond, we keep on accelerating the development of Takaful Emarat as we integrate new technologies into our offering providing access to modern, high-quality and competitive takaful products and services.”
Takaful Emarat has proven its readiness to deal with the various exceptional circumstances the insurance sector went through, especially in light of the challenges posed by the Covid-19 pandemic around the world. The company has placed the health and safety of its employees and customers at the forefront of its priorities and has applied the remote working policy with unrivalled success. It has also managed to maintain the efficiency of its operations by employing the latest technologies and innovations which constitutes an essential part of the company's identity and success.
In line with its endeavours to facilitate the daily lives of its customers, and in conformity with the new normal and precautionary measures, the company has expanded its digital presence from selling its basic and enhanced health insurance online to developing a digital automated platform for its individual life insurance distribution partners to facilitate the paperless and frictionless approach. In doing so, the company has succeeded in building a safe and productive work environment, the results of which are clearly visible in the financial results for 2020.