On the announcement of the biannual results, His Excellency Ali Bin Harmel Al Dhaheri, Chairman of the Board of Directors of National Takaful Company (Watania), emphasized that in the year 2016, the Company’s performance received support and reinforcement. Watania stopped some of its operations that caused it to incur loss in some sectors, and also developed a clear strategy to identify and develop the profitable sectors. The success of this strategy was reflected in the numbers that were achieved since for the first time in the history of the Company, the results showed that Takaful operations have achieved a surplus of 44 thousand AED compared to a deficit of around 7.3 million. On the other hand, the total profit showed a growth rate by 272% with an amount of 2.7 million compared to a deficit of 1.5 million.
Bin Harmel also pointed out that it is necessary to measure the Company’s performance in 2017 in consistency with what has been done in previous years since the Company has registered loss until 2015. In 2016 a major restructuring process was implemented in the Company which had a positive impact on it and enabled it to finish 2016 with some profits. Likewise, the Company’s performance gained extra momentum in 2017, which led to the achievement of better than expected results during the second quarter.
H.E Ali Bin Harmel Al Dhaheri said in an interview that the company is now embark towards profitable phase by the help of using important technological aspects, he expressed that the company have surpassed the Q2, 2017 forecast.
Watania stopped some of its operations that caused it to incur loss in some sectors, and developed a clear strategy to identify and develop the profitable sectors. The success of this strategy was reflected in the numbers that were achieved since for the first time in the history of the Company.
He said the adoption of incisive strategies by the Board have successfully manage to turn around the loss making company into profit, he assures that the company is in right direction now and Management is concentrating more on Customer Satisfaction and loyalty, he also appraises company staff for their efforts and skills in achieving upright results this year.
While answering a question on future performance he said the condition of the market can be challenging for every Insure provider ahead but despite this, we are confident enough to meet to set the budget. There are some new products in pipeline, which would be available in future in right time at right price; the company is also considering some new channels and expansion in new geographical area.
He said 2017 is start of getting in right directions.
We controlled the expenses, claims were managed properly. National Takaful Company (company) is among best top 5 takaful companies.
New products will be launched at the right time. He added that the Company has a futureplan to invest in a number of investment sectors such as investment in technology that can provide easier access to our business partners and customers reduces our cost of operation, in learning and development and building underwriting skills that will help us to write profitable business in our core product segments.
Regarding his vision for the future of Takaful sector in the United Arab Emirates, he said that “Takaful industry in UAE is going through challenging times. New regulations related to investments and solvency is putting strains forcing some companies to focus on operational profitability. The need to improve performance of this sector is evident from market data
He added: “Takaful companies have to focus on improving their performance. I believe that if we are able to develop the operations then our future is bright. This will show better value for our shareholders.