National Takaful Company “Watania” Earns 13.1 Million Dirhams in Net Profit for the Year 2019.

National Takaful Company “Watania” has announced positive financial results in 2019, as the company's net profit increased to 13.1 million UAE dirhams, compared to 9.4 million dirhams in 2018.

While announcing the financial results of the company, His Excellency Dr. Ali Saeed Bin Harmal Al Dhaheri, Chairman of the Board of Directors of the National Takaful Company “Watania”, said that the year 2019 has been challenging for the economy and the insurance market. There has been slowing in the growth and constraints on liquidity. The investment climate has also been uncertain due to global geo-political conditions. Nevertheless, and despite these difficult circumstances, “Watania” has performed well and maintained the track record and momentum built over last three years. Dr. Al Dhaheri emphasized that the performance was positive with room to grow.

On the other hand, “Watania” was able to adjust its strategy to register growth at the end of 2019 without compromising on its pricing approach and underwriting margin. The discipline that the Company has maintained in delivering on key areas of operational and investment profit is what distinguishes the performance of the Company in 2019.

Dr. Ali Saeed Bin Harmal Al Dhaheri declared that the Company has launched and implemented many new initiatives in 2019 to boost its overall performance. Most of these initiatives has been focused on enhancing the levels of customer service. For the first time, an external agency was appointed to obtain customer feedback and its findings were utilized to improve the customer service. A new digital platform was launched that allows one of the fastest quotations and policy issuance system for motor business in the UAE market. The Company was among the first ones in UAE to subscribe to Blockchain technology to manage motor claims recovery process from other insurance companies bringing down time and material in processing such transactions.

Dr. AliDhaheri said that “Watania” has a simple ‘back to basic’ approach to differentiate itself from the crowded market. In fact, a policyholder can expect Watania to attend to their requirements professionally and provide competitive solution. At the time of claim the policyholder can expect Watania to be attentive and understanding and settle as quickly as possible without any hassle. Moreover, Watania gives an assurance to its shareholders to generate return on their equity that can be compared with the leaders in the market. Finally, Watania provides its employees a productive work environment where they can grow and fulfill their professional aspirations.

And on the outlook for the future, Dr. Ali Dhaheri said “Our view of the market has shifted dramatically due to worldwide impact of Corona Virus. The usual challenges of liquidity and managing receivables do not seem as critical as the overall recovery of the global economy. UAE has been in the forefront of taking aggressive steps to control the spread of virus. However, shutting down of businesses will have a toll on the economy. However, we are confident that once the growth of the virus is brought under control and businesses start to get back to normal,we will be in a good position to seize the advantage.”