Aman incurs AED 88m accumulated losses

Dubai – Mubasher: Dubai Islamic Insurance and Reinsurance Company (Aman) has logged accumulated losses of AED 88.293 million, representing 39% of the capital.

The accumulated losses are attributed to the negative effect of the company's subsidiaries in the previous years and the booking of reserves, according to a bourse filing on Sunday.

To tackle the accumulated losses, the company will discontinue loss-making subsidiaries, take a prudent underwriting strategy to enhance end results, and try to restructure the capital.

It is noteworthy to mention that in 2020, the net profits attributable to the shareholders of Aman jumped by 117% to AED 19.049 million from AED 8.768 million in 2019.

Mubasher Contribution Time: 21-Mar-2021 06:34 (GMT)
Mubasher Last Update Time: 21-Mar-2021 06:34 (GMT)