Watania International Holding PJSC
About Watania International Holding PJSC
Country of Origin: United Arab Emirates (U.A.E)
Watania International Holding PJSC (‘WIH’ or the ‘Company’, formerly known as Dar Al Takaful PJSC) is a listed entity trading on Dubai Financial Market under the ticker WATANIA (previously DARTAKAFUL).
The Company is incorporated as a public joint stock company in accordance with the Federal Law No. 8 of 1984 (as amended) relating to commercial companies in the UAE. It obtained its commercial license on 23 July 2008 and commenced operations on 1 September 2008.
The Company was formed following the consolidation of key operators including the acquisition in 2020 of Noor Takaful by Dar Al Takaful PJSC and the merger in July 2022 of Dar Al Takaful PJSC with National Takaful Company PJSC (Watania).
In March 2023, the public joint stock company changed its name from Dar Al Takaful PJSC to Watania International Holding PJSC and its insurance license was cancelled as it became an investment holding company aiming to expand its footprint through shariah compliant investments consisting of a portfolio of Takaful companies and supporting businesses to help develop and grow the Takaful sector.
Watania International Holding PJSC is the sole shareholder of two operating companies: Watania Takaful General PJSC (previously Noor Takaful General PJSC) and Watania Takaful Family PJSC (previously Noor Takaful Family PJSC). Together, they create one of the leading Takaful providers in the UAE.The two operating companies offer a range of Takaful products including motor, general, technical, medical, and family to both individuals and companies in the UAE. They operate in accordance with the teachings of Islamic Sharia and within the provisions of UAE Federal Law No. 6 of 2007 relating to Takaful companies and Takaful agents and the Memorandum and Articles of Association of the companies. The two companies operate full-services offices located in Abu Dhabi, Sharjah, and Deira and Jebel Ali in Dubai.
Latest Pressrelease Summaries from Watania International Holding PJSC
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Watania International Holding (WIH) reported a net profit of AED 7.9 million for the first half of 2024, a significant improvement from a loss of AED 3.9 million in the same period last year. The company's combined operating ratio (COR) improved to just under 100%, driven by strong performance in its Medical Takaful and Family Islamic insurance businesses. Despite large one-time claims due to unprecedented April rains in the UAE, WIH maintained overall profitability. Chairman Dr. Ali Saeed Bin Harmal Aldhaheri attributed the solid performance to the company's robust risk mitigation framework and successful turnaround strategy. WIH also launched its inaugural integrated annual and sustainability report for 2023 and continued to build strategic partnerships to support road safety and community wellbeing.
On 13 August 2024, Watania International Holding (PJSC) held a Board of Directors meeting starting at 12:00 PM. The board approved the financial statements for the second quarter ending on 30 June 2024 and discussed routine business matters. The meeting details were authorized by Nawal Ma’ally, the Board Secretary, and the document was signed and dated on the same day with the company’s seal.
Date: 8 August 2024 Ref: WIH-396-0808 Notification of Board of Director’s Meeting Company: Watania International Holding (PJSC) Meeting Date: Tuesday, 13 August 2024 Meeting Time: 12:00 PM Agenda: 1. Review and endorse the financial statements for the second quarter ended on 30 June 2024. 2. Routine business discussions. Authorized Signatory: Nawal Ma’ally, Board Secretary Signature and Date: 8 August 2024 Company’s Seal
Watania International Holding (WIH) reported a net profit of AED 5.9 million for Q1 2024, a significant improvement from a loss of AED 2.8 million in Q1 2023. The company attributes the profit to improved operational performance and cost control. The combined operating ratio also improved to 97%, compared to 110% in the same period in 2023, due to improvements in the Medical and Motor Takaful lines of business. The company's chairman mentioned the successful execution of the company's turnaround strategy since its 2022 merger and the potential for growth in the regional insurance and Takaful sector.
On May 14, 2024, the Board of Directors of Watania International Holding (PJSC) met and approved the financial statements for the first quarter, which ended on March 31, 2024. In addition to this, they also discussed routine business matters. The meeting was authorized by Board Secretary, Nawal Ma’ally.
On 9th May 2024, a notice was issued for a Board of Directors meeting for Watania International Holding (PJSC) to be held on 14th May 2024 at 2:00 PM. The agenda includes reviewing and endorsing the financial statements for the first quarter ended on 31 March 2024, and routine business discussions. The notice was signed by the Board Secretary, Nawal Ma’ally.
The Chairman of Watania International Holding PJSC delivered a keynote at the Annual General Assembly Meeting, highlighting the company's growth and success in 2023. Despite challenging regional macroeconomic conditions, the company has emerged as a dynamic investment firm, with its subsidiaries holding a prominent position in the UAE's Takaful sector. This success is attributed to the transformation strategy implemented post-merger in 2022. The company's financial performance also improved, with a total income of AED 954,363,000 from Takaful activities in 2023, up from AED 820,181,000 in 2022. Shareholders' equity rose to AED 229,597,000, and the company achieved a net profit of AED 13,275,000, a significant improvement from the losses of AED 53,130,000 in 2022. Earnings per share also improved to AED 0.051.