Watania International Holding (WIH) announces net profit of AED 7.9 million in H1 2024

Watania International Holding PJSC (DFM: WATANIA; ‘WIH’ or the ‘Company’), reported today a net profit of AED 7.9 million as part of its preliminary consolidated results for the first half of 2024 ended 30 June.

Financial Updates (H1 2024):

  • Net profit reached AED 7.9 million year-on-year (y-o-y) compared to a loss of AED 3.9 million in the first half of 2023.
  • Combined operating ratio (COR) improved to slightly less than 100% compared to 107% in the corresponding period of 2023, driven primarily by the outstanding performance of the Medical Takaful business and group Family (Life) Islamic insurance. Prior to adjusting for the one-off heavy rains claims, COR had improved significantly to 94% with underwriting profits at AED9 million for the period.

Dr. Ali Saeed Bin Harmal Aldhaheri, Chairman, WIH, said:

“The unprecedented April rains event which the UAE had not witnessed in more than 75 years was a watershed moment for the insurance industry. Pleasingly, we managed to absorb most of the impacts of the resulting one-off large claims during the first half, without compromising our overall profitability due to the stronger than budgeted performance of other Takaful business lines as well as our robust risk mitigation framework.

The Company delivered a net profit of AED 7.9M and operating profit remained positive during the first half of the financial year despite the downward pressures following the losses incurred in the Motor and Property lines of business due to April rains.

This solid performance demonstrates the strength and resilience of the business fundamentals following the successful execution of the Company’s turnaround strategy.

We remain cautiously optimistic about the remainder of the financial year primarily due to the continued improvements of the financial and operational performance and more stable WIH balance sheet.”

Operational Updates (H1 2024):

  • WIH launched its inaugural integrated annual and sustainability report for financial year 2023 under the ‘Watania’ moniker and refreshed branding.
  • The Watania Takaful subsidiaries continued to foster strong strategic partnerships and collaboration with various entities to support road safety and wellbeing of members and the community.
  • Following the April rains event, Watania Takaful established an emergency command center and streamlined claims notification and management approach to help customers by ‘Settling Claims Faster’.

Mr. Gautam Datta, CEO, WIH, commented:

“The business turnaround we achieved towards the end of 2023 led to a stronger balance sheet underpinned by ongoing improvements in the financial and operational performance of our Watania Takaful subsidiaries.

The implementation of sustainable operational and underwriting improvements enabled us to support our customers better and faster in the aftermath of the April heavy rains. In the following five weeks, Watania Takaful registered 100% of the claims submitted by customers and most were processed within 50% of the usual timeframe with zero motor claims rejected at that time.

Our operational profits remained on track despite the anticipated significant impact of the one-time claims related to the extreme weather event particularly on the motor and technical business lines. This was mostly offset by the ongoing improved performance of the Medical and group Family (life) Takaful segments, combined with disciplined underwriting practices and better pricing specifically following the rains.

Despite the challenging market and sector conditions, our net profit for the first half continued to grow driven by higher underwriting earnings across several Takaful business lines. Our outlook for the rest of the financial year is positive as we continue to execute the key milestones of our strategy to achieve sustainable growth and profitability.”

Related Posts

CX Evolve UAE 2025: The Region’s Ultimate Customer Experience Gathering Returns!

INTESA SANPAOLO NAMED BEST EUROPEAN FINANCIAL INSTITUTION FOR INVESTOR AND ANALYST RELATIONS BY IR IMPACT

Enhance Export Efforts Central Bank of Egypt Directs Banks to Support Exporting Clients and Align with International Environmental Standards

VLens Completes 42,000 Digital Contracts and Surpasses 200,000 Users in Q2 2025

Central Bank of Egypt Hosts a Training Program on Micro and Macro Stress Testing for COMESA Central Banks

Robin Launches from Cairo to Lead the Region’s Advanced Data Science and AI Landscape

Małopolska Tourism CEO Welcomes Etihad Airways’ Decision to Launch Direct Flights from Abu Dhabi to Kraków

HYGGE HOTEL – A HOME OF HAPPINESS AT THE HEART OF EUROPE

آخر الأخبار
رئيس هيئة قناة السويس يبحث سبل التعاون المشترك مع سفير تايلاند في مجال الخدمات البحرية المملكة تحافظ على ريادتها العالمية بقطاع الأمن السيبراني المقاولون العرب تضيف ماكينة حفر نفقى بالدفع الموجه إلى أسطول معداتها ماكلارين W1 الرائدة تجسّد جوهر السيارات الخارقة وإرث سلسلة 1 ضمن فعاليات مهرجان جودوود للسرعة 2025 شومارت تطلق أول خط أحذية مخصص لمرضى السكري جيمس للتعليم تطلق نادي مدرسة البحث والابتكار لأولياء الأمور الأكثر تأثيراً بالعالم بمشاركة 30 مطور عقاري و150 مشروعا انطلاق معرض أهل مصر العقاري 31 يوليو 2025 الذهب يتراجع محليًا وعالميًا وسط ضغوط الدولار وترقب الرسوم الأمريكية اتحاد الشركات يستعرض دور التأمين في دعم السلامة المرورية على الطرق وزير التعليم: الوزارة على أتم استعداد لتطبيق البكالوريا..والمدارس الثانوية مجهزة على أعلى مستوى التنمية: الإنتهاء من رفع 675 ألف طن تراكمات مخلفات أسفل محور الفريق العصار مع الطريق الدائري شركة العاصمة الإدارية تستقبل نائب رئيس الوزراء ووزير التخطيط بالكونغو الديمقراطية وزير الإسكان: غدًا بدء تسليم 1008 وحدات سكنية من وحدات جنة مصر بالقاهرة الجديدة جهاز تنمية المشروعات يتعاون مع لجنة المشروعات الصغيرة بمجلس النواب لتعديل بعض أحكام قانون التنمية وزير قطاع الأعمال وسفيرة النرويج بالقاهرة يشهدان توقيع اتفاق بين "مصر للألومنيوم" وشركة المشروع التا... الرئيس السيسى يناقش مع نظيره الصومالى مشاركة مصر العسكرية فى بعثة الاتحاد الأفريقى وزير الصحة يبحث مع ممثل برنامج الأمم المتحدة الإنمائي تعزيز التعاون المشترك التنظيم والإدارة" يعلن موعد الاستعلام عن امتحانات المتقدمين لوظائف البريد بالمحافظات المتبقية  وزير الشؤون النيابية والقانونية يلتقي المستشار أسامة شلبي لتهنئته بتوليه رئاسة مجلس الدولة وزيرا الكهرباء والبترول يؤكدان على خطة العمل التكاملية والشراكة في توفير الوقود لتأمين التغذية الكهر...