ADNTC profits up 69%

Abu Dhabi National Takaful Company (ADNTC) said on Tuesday that it posted a profit of Dhs6.1 million in the first quarter of 2012 as compared to Dhs3.6 million for the same period last year, recording an increase of 69.4 per cent. In addition, ADNTC realised an underwriting profit of Dhs6 million for the period ended 31 March 2012 compared to Dhs2.2 million for the period ended 31 March 2011, reflecting an increase of 172.7 per cent. Khadem Al Qubaisi, Chairman of Abu Dhabi National Takaful Company, said: "Building on the solid financial foundations that it has created in 2011, Takaful has managed to overcome the huge difficulties represented in the global financial downturn and the fierce competition in the insurance market to provide value for its shareholders and policyholders. We are delighted and proud of the excellent start to the year 2012, and we look forward to a year of profitable and sustainable growth across all of our business segments." Osama Abdeen, Chief Executive Officer of Takaful, said: "We continue to place great focus and invest in customer service and customer reach which is evident by the opening of our new branch in Deira, Dubai, during the first quarter of 2012. Our shareholders and policyholders remain at the centre of our focus and attention as we progress by maximising their returns which is evidenced by the 50 per cent growth in basic and diluted earnings per share which amounted to Dhs0.06 per share for the period ended 31 March 2012 compared to Dhs0.04 per share for the period ended 31 March 2011.”