Finance & Capital Market

Aman chalks out new three-year growth plan

Dubai Islamic Insurance & Reinsurance Company (Aman) will seek to expand its network of partners and secure new business and customers. 
This will go hand in hand with the plan to optimise the firm’s investment portfolio in order to achieve returns for both its policyholders and shareholders.
This forms part of a new three-year growth plan agreed to by Aman’s Board of Directors at its ordinary meeting last week, following the company’s recent strong Q3 2020 performance.
The three-year growth plan sets out an ambitious strategy to boost Aman’s financial performance through a twin focus on operational expansion and enhanced investment performance. 
The Board is confident that, together, these steps will support the successful growth and development of the company, in line with its ambition to build a leading position in the Takaful insurance sector in the UAE and beyond.
Dr Saleh Al Hashemi, Chairman of Aman’s Board of Directors, commented: “Aman Insurance has more than 18 years of experience in providing exceptional service and support to our customers, and the new three-year plan will ensure that Aman builds on this heritage as a leader in the UAE insurance market.
“The Board of Directors is confident that we have the right plan in place to accelerate growth and deliver value to all stakeholders. This plan will underpin Aman’s drive to achieve outstanding results for our policyholders, business partners, shareholders and employees, who play a vital role in the success of our business. We are proud of delivering strong results amidst the challenges of the global pandemic and will continue to stand firm in our commitment to help our community succeed during this difficult period.”
The Board of Directors reviewed the company’s strong performance for the 2020 financial year to date.  Aman registered significant growth in Q3 2020, where net profit attributable to shareholders grew by 14% to AED9.9 million ($2.7 million), compared with the same period last year. This was achieved thanks to overall growth in Aman’s business, with a written gross contribution of AED173.2 million. Shareholders’ equity also registered a 3.6% increase from last year, up from AED74.2 million to AED76.9 million.
Aman CEO,  Jihad Faitrouni, welcomed the Board’s strategy and directives and said: “Looking ahead, we are optimistic about the future opportunities for our growth and we are excited to be implementing the strategic plan set by the Board of Directors in order to create long-term value for our stakeholders.”
-- Tradearabia News Service