Significant recovery led to positive turnaround positioning the Company well on track to achieve normalized revenue and return to profitability in FY2023
Dar Al Takaful (“DAT”, the “Company” or the “Group”) reported today its interim, unaudited, consolidated financial results for the first Quarter ended 31 March 2023.
Financial Reporting Considerations:
Dr. Ali Saeed Bin Harmal Aldhaheri, Chairman, Dar Al Takaful, commented:
“We are pleased to see the solid positive indications of the Company’s performance turnaround during the first quarter.
We have made significant progress towards completing the integration and realizing the full suite of synergies post our strategic merger. Across our consolidated Takaful operations, we continued to leverage the scaled up smart technology platforms, expanded geography, distribution networks and customer base, and the diversified services offering to capture a larger share of the Takaful market.
Pleasingly, the adoption of new international accounting standards for insurance companies IFRS17 had minimal impact on our business fundamentals. These are underpinned primarily by the operational excellence and financial resilience strategic initiatives we have undertaken since the merger to enhance both the operational and financial performance of our operating companies.
Building on the performance turnaround momentum achieved in the first quarter, and the unlocked revenue growth opportunities from our consolidated operations, we are confident that we are well positioned to achieve normalized sustainable net profit levels and a return to growth in FY23 with our focus as always on delivering long-term positive returns to our shareholders.”
Mr. Gautam Datta, CEO, Dar Al Takaful said:
“Since the start of the year, we have focused on accelerating a range of strategic and operational initiatives.
Following the change of name, business object and structure of the holding company in March, we initiated the development of an ambitious growth strategy to explore further growth opportunities in the insurance sector and create long-term value for all our stakeholders.
In accordance with the guidelines of Central Bank of the UAE (CBUAE) and International Accounting Standards Board (IASB), from this period onwards, our financial statements and reports will follow the new accounting and actuarial requirements of IFRS 17.
At the level of our operating companies or subsidiaries, our digital transformation initiatives continued. As a result, our Takaful services are now driven by a robust technology portal that is accessible anytime, anywhere. This has had a tangible positive impact on our ability to deliver faster and better quality of services as well as realize cost efficiencies and higher production levels leading to improved returns.
Our drive to establish a tech-enabled human-led approach that we have followed since our merger completion is steadily establishing our market position as a partner of choice for our distribution partners and members alike. I am confident our Takaful companies are on the right track to become leading and best-in-class providers in a continuously evolving industry.”