Watania back in the black in Q2

13/08/2017 07:37 AST

UAE-based National Takaful Company (Watania) has posted total profits of Dh2.7 million ($735,000) for the second quarter of the year as against a deficit Dh1.5 million a year before, marking a growth rate of 272 per cent.

Ali Bin Harmel Al Dhaheri, chairman of Wataniya 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.

Al Dhaheri said that the company is now embarking towards profitable phase by the help of using important technological aspects.

"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," Al Dhaheri said.

"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 added.

"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," Al Dhaheri said.

"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," he added.

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