Dubai Islamic Insurance and Reinsurance Company (Aman) said Sunday it will “relentlessly” work on its new investment strategy and optimise its business processes this year.

The firm, which reported a more than 100 percent increase in net profit for 2020, also confirmed that it has downsized some of its assets that are not considered strategic to the company.

“In addition to investing in new technology to improve productivity, Aman has also continued to downsize non-strategic assets and close unprofitable branches, which will have a positive impact on the company’s profitability in the long run,” the company said in a statement.

In its preliminary financial results for the year ending December 31, 2020, Aman said the net profit attributable to shareholders had reached 19 million dirhams ($5.2 million), an increase of 117 percent over 2019.

Strong results

Overall, the firm’s 2020 gross written contributions amounted to 229.2 million, with a profit of 2.6 million attributable to policyholders. Shareholders’ equity also increased by 14.6 percent to 85.1 million dirhams during the period.

“The strong results demonstrate the initial benefits being delivered by its new growth strategy to drive financial performance through a dual focus on operational expansion and improved investment performance,” the company said.

Saleh Al Hashemi, chairman of Aman’s board of directors, noted that the company “delivered its objective of securing value for all stakeholders and demonstrated its resilience” in challenging conditions.

“During the year, we established an ambitious new three-year growth plan and we will build on the initial benefits already achieved to realise our goal to be a leader in the UAE’s takaful insurance market,” said Al Hashemi.

“Looking ahead, we will be relentlessly focused on our new investment strategy and business process optimisation, as well as pioneering new products and solutions in line with our heritage of innovation.”

(Writing by Cleofe Maceda; editing by Mily Chakrabarty)

Cleofe.maceda@refinitiv.com

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