Dar Al Takaful announces its consolidated Q3 2022 results

Dar Al Takaful announces its consolidated Q3 2022 results

Dubai, UAE – Dar Al Takaful PJSC (“DAT” or the “Company”) reported its interim financial results for the third quarter of 2022 including the consolidated financial statements of the merged entity resulting from the merger between DAT and Watania on 1 July 2022.

The Company has successfully concluded the majority of the merger related synergies at the end of the third quarter of 2022. As a result of the merger and integration process, the Company has incurred one-off merger related expenses (≈AED 15.0 million) that included costs related to system redundancies, IT harmonization, resource rationalization, consultant fees, and consolidation adjustments. This impact was seen on the bottom line of DAT’s consolidated statements, registering a net loss of AED 26.9 million in 9M 2022.

In addition to the one-off merger related expenses, the Company’s key Medical portfolio faced headwinds in the form of pricing pressures and increased hospital utilization post-COVID which negatively impacted the quarter’s operational income.

DAT remains focused on enhancing its overall operational and financial performance post-merger, and a net saving of ≈AED 20.0 million is expected to accrue as a result of the completion of all the merger synergies. This will generate positive returns for shareholders and policyholders in 2023 and