Takaful Emarat has completed all the necessary requirements and received the final approval from the Insurance Authority as the Company aims to complete its acquisition of Al Hilal Takaful in the short term, said Takaful Emarat CEO Fadi Hindi.
Following the completion of the acquisition, Takaful Emarat will be the largest provider of Takaful insurance services in the UAE. The company looks forward to transferring the ownership of Al Hilal Takaful to Takaful Emarat in the short term, he added.
On 18 December 2017, Takaful Emarat signed an agreement to acquire Al Hilal Takaful, which is owned by Al Hilal Bank.
Speaking to Mubasher in a phone interview, Hindi said that after the completion of the acquisition of Al Hilal Takaful, the general insurance business will be rebranded as ‘tinsure’, which is part of the new corporate identity announced in May 2018.
Earlier this year, Takaful Emarat launched a new brand, ‘tlife’ for its health and life insurance and ‘tinsure’ for its general insurance services to reflect the company’s growing business and digital transformation.
As for Takaful Emarat’s expansion plans, Hindi told Mubasher that his company was constantly examining opportunities and means of increasing its investments in the sector both locally and abroad.
At Takaful Emarat, we are always working on enhancing our financial performance to sustain the company’s year-on-year growth, Fadi Hindi said, confirming his optimism with the company’s outlook.
We are constantly working to achieve a balance between profitability and business growth, Takaful Emarat’s CEO added.
Last week, Takaful Emarat posted a year-on-year profit surge of 1,320.5% to AED 6.66 million in the third quarter of 2018, while for the nine-month period, the firm logged AED 9.057 million in profits, up 528% from AED 1.44 million in the corresponding period of 2017.
The Dubai-listed Takaful insurance services provider reported a 25% year-over-year increase in net profit (Investment Income and Operating Income) to AED 18.8 million for the twelve months period ended 31st December 2017, compared to the Company’s 2016 net profit of AED 15 million.
Hindi also said that Takaful Emarat was focusing on implementing its digital transformation plan across all its business segments, adding that the company has already begun digitally transforming many of its operations to better support its customers and in line with the UAE Insurance Authority’s requirements.
In August 2018, Takaful Emarat adopted a paperless strategy and became the first in the Middle East to deploy Device-as-a-Service solution for Apple devices through Mideast Data Systems (MDS) for its sales force as well as back-office operations. The Device-as-a-Service solution for Apple devices has helped to accelerate product sales, service and delivery through paperless processing and ultimately has greatly improved operational efficiencies by reducing costs of using and maintaining enterprise devices.
Translated by: Nada Adel Sobhi
Published: Mubashar 20 November 2018 , By: Mahmoud Gamal