National Takaful swings to net profit in 2016

Dubai:

Watania or National Takaful said on Thursday it swung into net profit even as revenues declined.

Net profit came in Dh385,000 in 2016 from a loss of Dh41 million posted in 2015, the insurance firm said in a statement posted on Abu Dhabi Securities Exchange. Revenues fell to Dh200 million last year from 209 million. Total assets stood at Dh322 million.

In August 2014 there was a major change in the shareholding structure of Watania whereby MB Investment UAE and Madina Takaful Oman acquired a majority 60 per cent stake in the company from existing shareholders.