Dar Al Takaful swings to second quarter loss on higher operating expenses – The National

Dar Al Takaful swings to second quarter loss on higher operating expenses – The National

Sharia-compliant insurers Dar Al Takaful swung to a second-quarter loss due to higher operating expenses from one-off merger transaction costs and rising inflation.

The loss for the period attributable to shareholders in the three months ending June 30 was Dh16 million ($4.4m), compared to a profit of Dh7.1m in the second quarter of 2021, the company said in a statement to the Dubai Financial Market.

Net loss for the first six months of the year reached Dh10.3m, from a profit of Dh14.3m in the prior-year period, due to the impact of the Covid-19 pandemic, pricing pressures, investment losses in the second quarter and one-off merger related expenses, the company said.