Takaful Emarat Insurance Company’s General Assembly recently announced a capital increase of Dh185 million, raising the total capital to Dh210 million. This decision was made in response to the outstanding performance and significant growth of the company’s insurance operations, which saw a 79 per cent increase in the first quarter of 2024. The company’s insurance revenues in Q1 2024 reached Dh84 million, compared to Dh47 million for the same period last year. This substantial growth and performance have allowed the company to explore new opportunities for expansion and growth in the future.
Mohammed Abu Quora, the CEO of Takaful Emarat, expressed optimism about the company’s future following the capital increase. He credited the strong financial position to the strategies implemented by the new management, leading to remarkable performance and growth. Abu Quora believes that the capital increase, along with strategic initiatives, will position the company for sustainable growth and profitability in the coming years. He also highlighted the company’s leading position in the health and takaful insurance sectors for both corporates and individuals.
The Board of Directors restructured the executive management and appointed a new management team with extensive experience to drive the company’s growth and success. They also proposed a write-off of accumulated losses from previous years and a capital increase through a rights issue of new shares valued at Dh1 each. This move aims to strengthen the company’s capital base, create new business opportunities, and provide the necessary resources for future operations. Additionally, investment portfolios and channels were restructured, and a chief investment officer was appointed to enhance and maximize investment returns.
Takaful Emarat is working on developing a long-term business plan to enhance IT systems, improve operational efficiencies, and expand its market regionally and globally. The company aims to offer insurance programs with global coverage in partnership with leading global companies in the field of individual health insurance to meet the evolving needs of clients and provide comprehensive protection amidst market changes and developments. The positive trends observed in the first quarter are expected to continue steadily in the second quarter, further solidifying the company’s position in the industry.
Overall, the capital increase, along with strategic initiatives and restructuring efforts, builds a strong foundation for Takaful Emarat to achieve sustainable growth and profitability in the future. The company’s commitment to enhancing operational efficiency, expanding market presence, and providing comprehensive insurance solutions reflects its dedication to meeting the evolving needs of clients and addressing market dynamics. With a focus on innovation and collaboration, Takaful Emarat is well-positioned to capitalize on opportunities and navigate challenges in the insurance industry.
