Dar Al Takaful announces its FY22 preliminary results

Dar Al Takaful announces its FY22 preliminary results

Dubai, UAE – Dar Al Takaful PJSC (“DAT”, the “Company” or the “Group”) reported today its preliminary, unaudited, financial results for 4Q’22 and FY’22.

The Company continues to make significant progress on the revenue and cost synergies resulting from the merger with Watania which completed on 1 July 2022. The combined Group remains on track to deliver net cost savings of approximately AED 20 million as a result of the merger in 2023. On a consolidated merged basis, the Group’s Gross Written Contribution (“GWC”) was more than AED 1 billion.

The Company has made marked progress to put in place the technological platform and operational infrastructure to become a data led business with a strong and scalable insuretech capability which will characterize its product mix, providing customers with a simple, trusted solution and enhancing its competitive advantage in the marketplace. Functional streamlining, human capital optimization and unification of the IT platforms from the first legal day of the merger have all been actioned to drive the targeted efforts supporting its return to profitability in 2023 which is expected to be augmented by double digit growth year on year in GWC and a significantly improved investment yield. Anticipated, one off, merger and integration