Sharia-compliant insurers Dar Al Takaful swung to a second-quarter loss due to higher operating expenses from one-off merger transaction costs and rising inflation.
The loss for the period attributable to shareholders in the three months ending June 30 was Dh16 million ($4.4m), compared to a profit of Dh7.1m in the second quarter of 2021, the company said in a statement to the Dubai Financial Market.
Net loss for the first six months of the year reached Dh10.3m, from a profit of Dh14.3m in the prior-year period, due to the impact of the Covid-19 pandemic, pricing pressures, investment losses in the second quarter and one-off merger related expenses, the company said.
“While we continued to address the lingering impacts of the Covid-19 pandemic and the significant headwinds resulting from rising inflation and interest rates globally, we have successfully implemented proactive measures and precautions to rebalance our portfolio and limit outsized exposure,” said chairman Ali Saeed Bin Harmal Aldhaheri.
Last month, DAT and National Takaful Company, better known as Watania, completed their merger to create the UAE's largest insurance provider after securing the approval of regulatory authorities and shareholders of the two companies.
The merged company, Dar Al Takaful, began trading on the Dubai Financial Market with a share capital of Dh260m under the ticker “DARTAKAFUL” on July 4.
“Through the merger between DAT and Watania, the new combined entity DAT PJSC is well positioned to benefit from the potential realisation of significant cost and revenue synergies, as well as reduced operating expenses and better IT platforms,” Mr Aldhaheri said.
“In addition, risk will be diversified across a larger policyholder base and product portfolio, thereby reducing exposure to single events.”
Gross written contributions were down marginally by 4.4 per cent to Dh401.4m in the first six months of 2022, from Dh420m in the first half of 2021, with the aggressive deleveraging and derisking measures the company implemented.
The company said it was already seeing the positive outcomes of these turnaround measures with the Family and Individual Family insurance segments delivering robust results, and the medical insurance segment growing steadily by 9 per cent.
“Our larger scale as one of the leading Takaful providers in a highly fragmented market will help us better manage risk, expand geographic reach, as well as generate sustainable returns and create value for our shareholders and key stakeholders,” Mr Aldhaheri said.
Following the merger, the company is exploring future growth opportunities, including the possibility to grow its footprint outside its UAE market.
“With a substantially larger balance sheet exceeding Dh2 billion in total assets, we can develop new and innovative products to meet the evolving needs of Takaful customers while maintaining long term competitive edge in the market and supporting our drive to benefit from future growth opportunities including exploring possibilities to expand beyond the UAE,” he said.
The company is also bullish on the industry growth as the UAE economy continues to recover strongly from the impact of the pandemic.
“As the economy has rebounded in response to positive government actions, this will have a positive flow on effect on the various business sectors including the broader insurance and Takaful industry,” Mr Aldhaheri said.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
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MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
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Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
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How has net migration to UK changed?
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Biosafety Level 3
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If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
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Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
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