Dubai Islamic Insurance and Reinsurance Co (Aman) has said that it "will be taking the necessary steps to protect its interests", after Abu Dhabi National Takaful Company (ADNTC) stated that it had terminated an agreement to acquire Aman's life insurance portfolio.
Estimates are that, in 2023, a third of the total number of insurance companies in Indonesia (excluding Shariah business units or windows [UUS]) that have a capital of less than IDR250bn ($16m), meaning that they are unlikely to meet new minimum capital requirements by the deadline of 2026, and so will likely be involved in M&As, according to Algo Research which offers research on the Indonesian financial sector.
Syarikat Takaful Malaysia Keluarga, the country's first Islamic insurer, reported that its net profit for the first half of the year (1HFY2024) grew by 5.3% to MYR195.40m ($45.1m) from MYR185.50m in the previous half-year period, as total takaful revenue climbed 23.4% to MYR1.69bn from MYR1.37bn.
Insurance companies operating in the Egyptian market chalked up a premium volume of EGP43.68bn ($899.5m) during the first six months of this year, growing by 22.1% from EGP35.77bn in the corresponding half in 2023, according to data from the Financial Regulatory Authority (FRA).
Twenty (20) direct insurers in Tunisia, whose financial statements are available, achieved a combined turnover in 2023 (measured by net premiums written) of TND2,803m ($923m), 6.9% higher compared to TND2,621m in 2022, according to an analysis by Tera Finances.
While takaful has gained significant acceptance among Algerians, the sector still faces some hurdles that hinder its growth, including regulatory and technological obstacles and the lack of awareness campaigns, according to two academics.
The Securities & Exchange Commission of Pakistan (SECP) places specific focus on takaful as a strategic priority in its five-year plan for the insurance sector, Mr Akif Saeed, the chairman of the regulatory agency said in his welcome address to participants of a roundtable discussion held earlier this month.
2024 is set to be another profitable year for the Islamic insurance sector in the GCC. Net profits in 2023 had already reached a record of almost $1bn, mainly due to rate adjustments in previously underperforming lines and higher investment returns, says S&P Global Ratings (S&P).
The combined profit before tax of 26 listed insurance companies in the UAE grew by 7% to AED1,044m ($284m) in 1H2024 from AED975m in 1H2023, according to Badri Management Consultancy, an international company that specialises in actuarial services and provides financial services, strategic HR consulting, data management, business intelligence and other services.
Watania International Holding (WIH), has reported a net profit of AED 7.9m ($2.15m) for the first half of 2024, according to interim financial statements filed by the company.