Press releases, Reports & Disclosures for Takaful Emarat (PSC)

The document outlines the financial situation of Takaful Emarat – Insurance (PSC) as of April 8, 2025, in accordance with the SCA Board of Directors’ Decision No. (32/R.M.) of 2019. This decision requires companies with accumulated losses of 20% or more of their paid-up capital to comply with specific procedures. For the year 2024, Takaful Emarat reported accumulated losses of AED 43,289,000, representing 20.6% of its paid-up capital. The losses began in 2019 due to higher-than-expected medical claims and lower investment returns, compounded by a merger and acquisition project, asset revaluation, and restated financial statements from 2020 to 2022. To address these losses, the company reduced its accumulated losses by setting off against share capital amounting to AED 124.3 million and issued 185 million ordinary shares through a rights issue in late 2024. This resulted in a positive shift in shareholders' equity from a deficit of AED 39.7 million in 2023 to equity of AED 163.2 million in 2024. The company also implemented a business plan aimed at writing profitable business and adopted new investment strategies, achieving a net investment income of AED 32 million in 2024, a 106% increase from 2023. Furthermore, Takaful revenue grew by 84% to AED 420 million compared to the previous year.

The company will announce the results of its Board meeting from March 21, 2025, once it receives regulatory approval for its financial statements for the year ending December 31, 2024.

The Securities & Commodities Authority in Abu Dhabi and the Dubai Financial Market are involved in a meeting regarding Takaful Emarat Insurance PSC, scheduled for Friday, March 21, 2025, at 3:30 PM via MS Teams. The agenda includes reviewing the audited financial statements for 2024, discussing the date and agenda for the Annual General Assembly meeting, considering the distribution of dividends for 2024, recommending Board remuneration for 2024, reviewing the Corporate Governance Report, and examining company policies, procedures, and business updates. The meeting details were authorized by Adnan Sabaalaish, the Acting CEO, on March 18, 2025.

Takaful Emarat Insurance (P.S.C) is a public shareholding company based in Dubai, United Arab Emirates, established on May 18, 2008. It operates under Federal Law No. 6 of 2007 and is registered under insurance company register No. 86 since October 14, 2008. The company has a paid-up, subscribed, and authorized capital of AED 210.70 million. The Chairman of the Board is Mr. Nooraldeen Subhi Atatreh, and the Acting Chief Executive Officer is Mr. Adnan Sameer Adnan Saba El-Aish. The external auditor is Grant Thornton Audit and Accounting. The company's contact details include a mailing address at P.O. Box 57589, Dubai, UAE, phone number +971 4 230 9300, fax number +971 4 230 9333, and email a.sabaalaish@takafulemarat.com.