Abu Dhabi National Takaful first-quarter profit falls 42%, anticipates ‘significantly higher losses’ in medical line
Abu Dhabi National Takaful’s profit for the first three months of the year slumped by 42% to 15.55 million dirhams compared to 26.8 million dirhams for the same quarter in 2019.
Abu Dhabi’s oldest takaful operator said in a bourse filing on Thursday (May 14) that consumer behaviour has shifted due to the current economic uncertainties.
“In light of the prevailing circumstances of drop in oil prices along with lockdown due to COVID-19, we have been witnessing a shift in consumer behaviour at an increasing pace where demand for luxury products with high profit margins such as life insurance, high value vehicles cover, specialty covers, enhanced medical and general insurance protections is shifting towards mandatory and basic coverages that are usually price sensitive with lower margins,” said the company.
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