(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 6th March, 2018 (WAM) -- Ali Saeed bin Harmel Al Dhaheri, Chairman of the Board of National Takaful Company, Watania, said that the company has achieved 36 percent year on year growth in gross contribution, making a net profit of AED7.6 million compared to AED400,000 in 2016.
Return on equity of 9 percent, and the most importantly combined operating ratio of 97.5 percent bringing it down from 108 percent in 2016.
Al Dhaheri said that Watania has achieved operational profitability and this will create a good sustainable foundation for future.
Speaking on the announcement, Al Dhaheri said, "The company has 3 main business verticals â€' Medical insurance, Motor insurance and General insurance that is made up of fire, engineering, marine, general accident and liability insurances. While all 3 lines of business contributed to the operational profitability the major drivers of the profit were Motor and Medical. As a portfolio both these products form 85 percent of our net revenue and we will continue to focus on these product lines."
"The real key to our success was delivering on our promise consistently. This is what gives our customers and business partners the confidence to do business with Watania. We will be active in the areas of consistent service to the customers, ease of doing business using technology and innovating products that respond to customer’s needs," he added.
Al Dhaheri added that the company will be launching many initiatives during the year that will differentiate Watania in the insurance and takaful market. These initiatives will be related to new products, new services, online benefits, as well as loyalty programmes for existing customers.
WAM/Rola Alghoul/MOHD AAMIR
MENAFN0603201800610000ID1096550328
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.