Sukoon Takaful offers Sharia-compliant solutions aimed at addressing a range of protection needs for property, motor, and life (dubbed Family Takaful), marine, engineering, general accidents, and more.
In its Q1 2024 financial performance report, the company announced that it had reduced its accumulated losses to Dh48.4 million ($13.17 million), representing 31.4 per cent of the paid-up capital.
The decline in accumulated losses has been due to improved financial performance during the first quarter of the year, when the company recorded a net profit of Dh 3.1 million, according to a disclosure on the DFM.
“During 1Q 2024, accumulated losses [were] reduced by Dh3.06 million due to a profitable quarter for the current reporting year,” the company said.
The company said it had identified inefficiencies and implemented strategic measures to address the losses. In May last year, Sukoon Insurance Company acquired the company with a majority shareholding of 93.04 per cent.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.