– Net profit of AED 6.4 million, up 100.8% year on year, as a result of strong operational performance
– Shareholders’ equity increases by 7.4% to AED 91.4 million
– The strong Q1 performance benefits from the board’s three-year growth plan and gross written contributions
Dubai, UAE: Dubai Islamic Insurance & Reinsurance Company PJSC (Aman), the pioneering UAE Takaful Insurance provider, today announced its financial results for the first quarter of 2021. Aman reported a net profit attributable to shareholders of AED 6.4 million in the first quarter of 2021, registering a significant increase of 100.8% compared to AED 3.18 million in the first quarter of 2020.
The strong results demonstrate the benefits of implementing the Board’s recent growth strategy to drive financial performance through a dual focus on operational expansion and improved investment performance. Aman’s gross written premiums reached AED 60.3 million in the first quarter against the backdrop of a continued challenging market environment.
Shareholders’ equity also increased by 7.4%, reaching AED 91.4 million as of 31 March 2021.
Commenting on the first quarter results, Dr. Saleh Al Hashemi, Chairman of Aman’s Board of Directors, said: “Aman delivered impressive net profit growth in the first quarter despite challenging market conditions, benefiting strongly from the ambitious three-year growth strategy we began implementing late last year. We remain committed to creating significant long-term value for our shareholders, policyholders and business partners through our business optimization and digitalization efforts.”
Aman’s Chief Executive Officer, Mr. Jihad Faitrouni, added: “The doubling of our net profit reflects the significant progress we have made in strengthening and growing our core businesses and diversifying our product and service offerings. We remain confident in our ability to execute our growth plans under the leadership of our visionary Board.”
At the start of Q4 2020, Aman embarked on its ambitious three-year strategy to strengthen its financial performance and grow its partner network, as well as attract new business and customers. This was in line with the Board’s plan to optimize the investment portfolio to deliver returns for both policyholders and shareholders.