Dubai: Al Buhaira National Insurance Co. (ABNIC) has reported a significant increase in premium by 43 per cent to Dh392 million as of 30th June 2008 compared to Dh270 million during the same period in 2007.
Nader T. Qaddumi, General Manager of ABNIC, said that ABNIC continued to build its profitability on solid technical and financial grounds. The company posted Dh80 million total net profits compared to Dh58 million in 2007 reflecting a substantial growth of 38 per cent. Total assets stood at Dh1, 737 million compared to Dh1, 528 million in 2007.
In line with ABNIC strategy in diversifying its investment portfolio, the company announced the birth of "Takaful Emarat Insurance" which is poised to be the first of its kind in the region.
Takaful will cater for individuals and corporate insurance requirements (spanning all sorts of life insurance, money making, and health insurance) in full compliance with Islamic Shari'a law. ABNIC's investment in "Takaful Emarat Insurance" stood at Dh30 million representing 20 per cent of the company's paid-up capital. ABNIC also invested Dh3.1 million in "Takaful Pakistan Ltd" in Pakistan representing 17 per cent of the company's paid-up capital.