Bahrain's Takaful International achieves net profit of BD 1 mn

Published 04 Nov,2021 via bizbahrain - The Board of Directors of Takaful International Company B.S.C. approved the financial results for the period ended 30 September 2021. The net profit attributable to the shareholders of the parent for the three months ended 30 September 2021 was BD 223K compared to BD 220K for the same period last year, an increase of 1%, and a corresponding earnings per share at 2.62 Fils compared with 2.59 Fils for the same period last year. Total comprehensive income attributable to the shareholders of the parent for the three months ended 30 September 2021 stood at BD 207K compared to BD 241 for the same period last year, a decrease of 14%.

The Company reported a total net profit of BD 460K for the third quarter 2021 compared to BD 453K for the same period last year with an increase percentage of 2%, which is attributed to the improved performance of the General Takaful fund that achieved a surplus of BD 294K compared to a surplus of BD 238K for the same period last year, an increase of 24%, as well as the improved performance of the shareholders’ fund which achieved a net profit of BD223K compared to a net profit of BD 220K for the same period last year (1% increase). The Family Takaful fund
achieved a deficit of BD 56K in the third quarter 2021 compared to a deficit of BD 5K for the same period last year.

Total gross contributions were BD 4.973m in the third quarter 2021 compared to BD 4.675m for the same period last year, an increase of 6%. Net earned contributions also increased by 5% to BD 4.435m as compared to BD 4.206m for the same period last year. The net incurred claims slightly decreased by 0.3% to BD 2.901m in the third quarter 2021 as compared to BD 2.910m for the same period last year.