Dar Al Takaful incurs over $2mln loss in first half

Dar Al Takaful incurs over $2mln loss in first half

Dar Al Takaful (DAT) on Monday said it incurred Dh10.3 million net loss in first half of 2022 due to impacts of Covid-19, pricing pressures, investment losses in second quarter, and one-off merger related expenses.

In a statement, the company said its strong overall financial fundamentals and resilience positioned the company to capitalise on growth opportunities, particularly pursuing and completing the merger with Watania at the end of the first half.

"As such, this is the last quarter for DAT’s independent financial reporting with the Dar Al Takaful, the combined listed entity on DFM, set to report its consolidated financials starting from the third quarter this year," the company said.

It further said gross written contributions down marginally by 4.4 per cent from Dh420 million in first half of 2021 to Dh401.4 million in January-June 2022 with aggressive deleveraging and de-risking measures implemented.

"Operating expenses increased due to rising inflationary environment and one-off merger transaction expenses," it added.

The company said it is already seeing the positive outcomes of these turnaround measures with the family and individual family segments delivering robust results, and the medical insurance segment growing steadily by nine per cent while investment income increased to Dh5.6 million during the first half of