Takaful Emarat achieved a turnaround in its financial results in 2024 when it reported net profits attributable to shareholders of AED11.2m ($3m) compared to a net loss of AED12.4m in 2023, according to the audited consolidated financial statements of the company.
The consolidated financial results improved on the back of an 84% surge in revenue to AED420m in 2024, compared to AED229m in 2023. This strong top-line growth was mirrored in operating profit, which also climbed by 84%, underscoring enhanced operational efficiency and a significant boost in profitability.
In addition, net investment income jumped by 84.8% to AED30.6m in 2024 from AED16.6m in 2023.
Takaful Emarat reported a 45% increase in its total assets that reached AED959.8m as of 31 December 2024. In a significant turnaround, shareholders’ equity moved from an AED39.7m deficit in 2023 to a positive of AED163.2m in 2024.
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Summary of Takaful Emarat’s 2024 financial performance
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Figures in AED’000 (unless otherwise indicated)
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2024
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2023
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Change %
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Takaful revenue
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420,288
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228,705
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83.8
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Takaful service expense
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(310,278)
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(176,270)
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76.0
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Takaful service result
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100,974
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55,381
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82.3
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Net takaful income
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101,174
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54,953
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84.1
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Net investment income
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30,621
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16,574
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84.8
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Wakala fees
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(100,198)
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(43,915)
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128.2
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Surplus attributable to participants
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31,597
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27,792
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13.7
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Profit/(loss) after tax attributable to shareholders
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11,162
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(12,426)
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-
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Balance sheet 31 December
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Share capital
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210,652
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150,000
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40.4
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Accumulated losses
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(43,289)
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(181,264)
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-
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Total shareholders’ equity
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163,205
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(39,652)
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-
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Total assets
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959,844
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664,074
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44.5
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Source: Takaful Emarat
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