Dubai – Mubasher: Dubai Islamic Insurance and Reinsurance Company (Aman) witnessed accumulated losses of AED 102.648 million in 2019, representing 45% of the company's capital.
The accumulated losses are driven by the losses made by the subsidiaries during the previous years and the booking of the reserves, the company disclosed to Dubai Financial Market (DFM) on Tuesday.
To address the losses, the company will suspend the loss-making subsidiaries, set a prudent underwriting strategy, and attempt to restructure the capital.
It is noteworthy to mention that in 2019, the company's net profits surged by 550% year-on-year (YoY) to AED 9.62 million, compared to AED 1.48 million in 2018.
