Stock DFM Dubai stock market traders
Some of the listed UAE insurance stocks have recorded sharp gains, with investors viewing their prospects as sound enough to take on the COVID-19 impact, Image Credit: Antonin Kelian Kallouche/Gulf News

Dubai: The Islamic insurer Aman will focus on a mix of operational expansion and “enhanced” investment performance as part of a three-year growth revival plan.

This will see the company expand its network of partners to help secure new business. “The Board is confident that these steps will support growth and development of the company, in line with its ambition to build a leading position in the takaful insurance sector in the UAE and beyond,” it said in a statement.

This year has been, surprisingly, quite a stable one for local insurers, the leading ones among them seeing growth on the premium side and lower claims. But, in an indication of sentiments across the wider economy, premiums remain under pressure and unlikely to abate any time soon.

But it will be on the investment side that insurers will find the going getting tougher. Traditional asset classes are still reeling from value declines during the pandemic.

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Numbers tell it

On its key operational numbers, Aman registered growth in the third quarter, where net profit attributable to shareholders up 14 per cent to Dh9.9 million. Gross premium contribution came to Dh173.2 million.

“We are proud of delivering strong results amidst the challenges of the global pandemic,” said Dr. Saleh Al Hashemi, Chairman.