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.

As for the results of the nine months ended 30 September 2021, the net profit attributable to the shareholders of the parent was BD 704K compared to BD 580K for the same period last year, an increase of 21%, and a corresponding earnings per share at 8.29 Fils compared with 6.83 Fils for the same period last year. Total comprehensive income attributable to the shareholders of the parent for the nine months ended 30 September 2021 stood at BD 735K compared to BD 497K for the same period last year, an increase of 48%.

Net profit for the nine months ended 30 September 2021 was BD 1.206m compared to BD 1m for the same period last year with an increase percentage of 21%, which is attributed to the improved performance of the General Takaful fund which achieved a surplus of BD 623K compared to a surplus of BD 477K for the same period last year, an increase of 31%, as well as the improved performance of the shareholders’ fund which achieved a net profit of BD 704K in the nine months ended 30 September 2021 compared to a net profit of BD 580K for the same period last year (increase of 21%). The Family Takaful fund achieved a deficit of BD 121K in the current period compared to a deficit of BD 51K for the same period last year.

Total gross contributions increased by 8% to BD 19.927m for the nine months ended 30 September 2021 compared to BD 18.477m for the same period last year. Net earned contributions also increased by 6% to BD 13.175m as compared to BD 12.460m for the same period last year. The net incurred claims decreased by 1% to BD 8.759m for the nine months ended 30 September 2021 as compared to BD 8.846m for the same period last year.

The Company’s total equity attributable to the shareholders of the parent grew by 3% to BD 11.469m as at 30 September 2021 compared to BD 11.164m as at 31 December 2020. Total assets of the Company increased by 11% to BD 45.960m as at 30 September 2021 compared to BD 41.240m as at 31 December 2020.

In light of the results achieved by the Company in the nine months ended 30^th September 2021, Mr. Ebrahim Al Rayes, Chairman of the Board commented that the Company was able to attain good performance and at the same time maintained the high credit rating of (A-) from the international rating agency AM Best. The Company achieved positive returns for shareholders and policyholders during the nine months ended 30th September 2021.

On his part, Mr. Essam Al-Ansari, CEO of the Company, said that the interim financial results for the period ended 30th September 2021 reflect good stability in the Company’s performance, especially the continuous growth in total contributions despite the conditions of the insurance market.

Takaful International Company B.S.C. is the first Islamic Insurance Company in Bahrain. It was established in 1989. The Company provides a wide range of insurance covers and products consistent with the principles of Islamic Shari’a that serves the various needs of individuals and corporates. The Company is a subsidiary of Bahrain Kuwait Insurance Company (gig-Bahrain) and is assigned a rating of A- Excellent by AM Best Credit Rating Agency.

© Copyright 2021 bizbahrain

Provided by SyndiGate Media Inc. (Syndigate.info)

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.