Dubai Islamic Insurance & Reinsurance Co six-month profit falls

Dubai Islamic Insurance & Reinsurance Company (Aman) posted a 53 per cent drop in net profit for the first six months of this year compared to the same period in 2018.

Aman’s net profit from its takaful operations fell to 1.979 million dirhams ($0.54 million) compared to 4.2 million dirhams in H1 2018, it reported in a bourse filing on Wednesday.

However, profit attributable to shareholders was 7.493 million dirhams for H1 2019 versus 6.982 million dirhams for the same period last year.

Net takaful contributions were down a slight 4.4 per cent, from 48.519 million dirhams to 46.383 million dirhams in H1 2019.

Net takaful claims were also down, reaching 20.062 million dirhams compared to 23.677 million dirhams, a drop of 15.28 per cent.

The company’s net takaful income was up 9.65 per cent to 41.763 million dirhams from 38.087 million dirhams.

Dubai-headquartered Aman counts Dubai Islamic Bank and The Investment Office as key investors.

($1 = 3.6725 dirhams)

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