Al-Ain Ahlia sees H1 profit drop 45%

Al-Ain Ahlia Insurance Company has reported a net profit of AED26.5m for the first half of the year, a 45 per cent drop on the same period last year.

United Insurance Company reports 60% profit slide

United Insurance Company has posted an AED8m net profit for the first half of the year, down 60 per cent on the same period last year.

Al Khazna posts AED18.9m loss

Al Khazna Insurance Company has posted an AED18.9m loss for Q1 this year.

Tawuniya reports strong Q2 results

Tawuniya has reported an 118.6 per cent increase in net income for Q2 this year compared to the previous quarter. Net income for Q2 this year reached US$61.6m, compared to US$28.2m in the first quarter. Year-on-year net income increased 82.3 per cent from US$33.8m in Q1 last year.

ADNIC On Firm Financial Footing

Abu Dhabi National Insurance (ANDIC) overcame a difficult opening half in 2009 to deliver healthy profits for the full year. The insurance company’s premiums grew 14.3% to AED1.55bn from AED1.36bn the previous year. Meanwhile, net profit after factoring in full impairments on AED307 million worth of saleable assets was AED52 million. Further product distribution, improved investment and risk management, and customer retention contributed to ADNIC’s solid financial performance, the company said. “We remain focused on achieving our accelerated evolution plan 2010-2012 by maintaining the inertia we consider crucial in realising the aggressive and profitable growth expected through our strategic business plan,” said ADNIC chief executive Walid Sidani.

Dubai-Listed Companies Post Strong 2009 Results

Takaful companies listed in Dubai recovered last year to post healthy profits following a turbulent 2008 that saw revenues tumble during the financial crisis. Dubai Islamic Insurance & Reinsurance Co (Aman) reported a 162% growth in net profit to Dhs20.5 million – a significant turnaround from the previous year’s Dhs33.2 million loss. The company’s revenues climbed from Dhs492.9 million to Dhs495.8 million during the same period. Less positive was its net technical returns, which dropped 55.6% to Dhs30.2 million last year.