Takaful Emarat Insurance Company's General Assembly declared a supplementary capital hike of Dh185 million, elevating the total capital to Dh210 million. This move was prompted by the exceptional performance and substantial growth in the company's insurance activities, which surged by 79% in the initial quarter of 2024. The Dubai-listed entity's insurance earnings hit Dh84 million in Q1 2024, up from Dh47 million in the corresponding period of the previous year. Mohammed Abu Quora, CEO of Takaful Emarat, stated, 'Since the start of the year, we have experienced remarkable growth due to the strategic initiatives of the new management. Our robust financial status now enables us to seek out fresh growth and expansion prospects. We are optimistic about the future and aspire to attain further achievements.' He also noted that shareholder endorsement of the capital enhancement, coupled with strategic measures, would steer the company towards sustained growth and profitability. The Q1 results underscore the company's prominence in the health and takaful insurance sectors for both businesses and individuals. Expectations are high for continued positive trends as the second quarter results are awaited. The company is in the process of crafting a long-term business strategy to upgrade IT systems, boost operational efficiencies, and broaden market reach both regionally and globally through insurance programs with worldwide coverage in collaboration with top global health insurance firms. The Board of Directors has revamped the executive management, introducing a new team with extensive expertise, and proposed a General Assembly vote to eliminate accumulated losses of Dh132.43 million, followed by a capital increase via a rights issue of new shares priced at Dh1 each. This will fortify the company's capital foundation, opening doors for business expansion and ensuring the provision of requisite resources to bolster future operations. The investment portfolios and avenues have also been restructured, and a chief investment officer has been appointed to enhance and maximize investment yields.