Methaq Takaful back in black

Abu Dhabi-listed Methaq Takaful Insurance Company swung back into black in 2013, posting Dh2.56 million profits compared to a Dh4.76 million loss in the previous year.

Its comprehensive income totalled Dh4.66 million in 2013 which led to the rise of shareholders’ equity to Dh102 million from Dh97.37 million in 2012.

The company said in a statement to Abu Dhabi Exchange that its assets totaled Dh364.16 million at the end of December 31, 2013, compared to Dh186.67 million at the end of 2012, registering an increase of 95 per cent.

The company, the statement said, succeeded in implementing its plans for 2013 based on achievable strategic goals.

“As for the company’s future plans for the year 2014, the company has developed a budget plan supported by a set of ambitious goals especially takaful portfolios and retakaful agreements, operating expenses, and profitability. The company expects a significant improvement in performance and results for 2014,” it said in a statement.