DUBAI, UAE: AMAN Insurance Company, a Dubai-based Islamic insurance and reinsurance provider, has announced a net profit of AED 4 million for the second quarter of 2023, a 179% increase from the same period last year, when it recorded a loss of AED 5 million.

The company attributed the positive results to its strategic plan to divest and sell its insurance portfolios and transform into an investment firm.

The company’s chairman, Dr. Saleh Al Hashemi, said that AMAN had successfully reduced its non-strategic assets and improved its financial situation despite the challenging market conditions in the insurance sector. He added that AMAN was making progress in implementing the two-phase plan to exit the insurance business and become an investment company, with the approval of the shareholders and the relevant authorities.

The shareholders’ equity in AMAN also increased by 9% year-to-date, reaching AED 84.5 million as of June 30, 2023.