Dubai: Dubai Financial Market (DFM) -listed Arabian Scandinavian Insurance Company Plc- Takaful - ASCANA Insurance has been rebranded to Sukoon Takaful PJSC, the company announced Friday. The insurance firm said it has “fully embraced the Sukoon Takaful brand,” which was first revealed in December 2023. This move is akin to the legal name rebrand conducted by its parent company, Sukoon Insurance, at the start of 2024.
Ahmed Abushanab, CEO of Sukoon Takaful, said, “As we embark on this transformative journey, we are proud to introduce Sukoon Takaful as the embodiment of our commitment to innovation and client-centricity. We are now more confident than ever that we can reinforce our position as a reference in the region for customer excellence.”
Sukoon Takaful offers Sharia-compliant solutions aimed at addressing a range of protection needs for property, motor, and life (dubbed Family Takaful), marine, engineering, general accidents, and more.
In its Q1 2024 financial performance report, the company announced that it had reduced its accumulated losses to Dh48.4 million ($13.17 million), representing 31.4 per cent of the paid-up capital.
The decline in accumulated losses has been due to improved financial performance during the first quarter of the year, when the company recorded a net profit of Dh 3.1 million, according to a disclosure on the DFM.
“During 1Q 2024, accumulated losses [were] reduced by Dh3.06 million due to a profitable quarter for the current reporting year,” the company said.
The company said it had identified inefficiencies and implemented strategic measures to address the losses. In May last year, Sukoon Insurance Company acquired the company with a majority shareholding of 93.04 per cent.
