Dar Al Takaful reported accumulated losses amounting to AED 53.70 million as of 31 March 2023.

The incurred losses account for 20.60% of the paid-up capital, according to a bourse filing.

In the first three months (3M) of 2023, the UAE group reported net losses worth AED 2.80 million.

Meanwhile, the revenues hiked by 52% year-on-year (YoY) in the first quarter (Q1) of 2023, backed by steady performance improvements and high retention in the motor.

Ali Saeed bin Harmal Aldhaheri, Chairman of Dar Al Takaful, commented: “We have made significant progress towards completing the integration and realizing the full suite of synergies post our strategic merger.”

“Building on the performance turnaround momentum achieved in Q1-23, and the unlocked revenue growth opportunities from our consolidated operations, we are confident that we are well positioned to achieve normalised sustainable net profit levels and a return to growth in FY23 with our focus as always on delivering long-term positive returns to our shareholders,” Aldhaheri noted.

Last March, the DFM-listed firm announced rebranding to Watania International Holding, an investment holding firm.