Dubai –  Dubai Islamic Insurance and Reinsurance Company (Aman) shifted to a net profit of AED 10.70 million during the third quarter (Q3) of 2023.

The positive turn in Q2-23 was against net losses of AED 6.30 million in the same period last year, the company said in a bourse filing.

Aman attributed the turnaround in the July-September 2023 financial results to the shareholder’s decision to divest and sell its insurance portfolios in addition to transforming the company into an investment firm.

The DFM-listed insurer further said it had reduced the size of its non-strategic assets, which had a positive impact on its financial situation despite the challenging market conditions in the insurance sector.

Meanwhile, Aman is making progress in implementing its strategic plan to exit the insurance business over two phases.

The first phase involves selling and transferring the insurance portfolio to buyers, while the second stage includes the transformation of Aman into an investment firm.

Chairman of Aman, Saleh Al Hashemi, said: “Aman will continue to execute its outlined plan and achieve its targets, with the will of God, according to the established timeline.”

Al Hashemi added that the shareholders’ equity in Aman increased by 17% year-to-date, reaching AED 92 million as of 30 September 2023 from AED 78.50 million.

It is worth noting that as of Q2-23, the accumulated losses of Aman reached AED 140.96 million.

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