UAE: High underwriting earnings boost Watania's profit in 1Q

Source: Middle East Insurance Review | Jun 2024

Watania International Holding (WATANIA; ‘WIH’), reported a net profit of AED5.9m ($1.6m) in its preliminary consolidated results for 1Q2024, compared with a loss of AED2.8m in 1Q2023, driven primarily by improved operational performance along with continued tight cost controls, the operator said in a press release.

Combined operating ratio improved to 97% as compared to 110% during the corresponding period last year due to the significant improvements in the results of medical and motor lines of business.

WIH CEO Gautam Datta said, “The rise in unusual weather-related claims particularly in the property and motor lines is expected to affect our operational performance during this financial year. However, we anticipate this will be offset by the ongoing improved performance of all product lines particularly the growth in the medical and family (life Islamic insurance) takaful segments combined with robust investment outcomes,” he said. M

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