Takaful announces 12.5% cash dividend for 2024

TDT | Manama

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Takaful International Company held its Annual General Meeting (AGM) yesterday at the company’s headquarters in Seef Area with a quorum of 88.12%, and in the presence of representatives of the relevant regulatory authorities.

The General Assembly approved the company’s financial results for the year ended December 31, 2024, which were announced earlier this year: (Net profit of BD1.65m compared to BD 1.513m in the previous year, an increase of 9%, and shareholders’ net profit of BD 1.334m compared to BD 937k in the previous year, and a corresponding earnings per share of 15.7 Fils compared to 11.03 Fils in the previous year).

The shareholders have also approved the distribution of cash dividends of 12.5% an equivalent of BD 1,062,500 (12.5 Fils per share), to the shareholders whose names are on the share register on the record date.

Ebrahim Al Rayes, Chairman of the Board of Directors, stated that the combined ratio for this year has witnessed a significant improvement due to the company’s continuous efforts in efficiently managing operational and technical expenses, in addition to implementing effective cost-saving initiatives and enhancing financial efficiency.

“These measures have contributed to improving overall performance and strengthening the company’s financial position. Furthermore, the company’s credit rating was reaffirmed at A- (Excellent) by A.M. Best, underscoring its financial strength and ability to meet its obligations. We remain committed to delivering customer-centric services, leveraging technology to enhance their experience. Additionally, we will continue to optimize our investments to achieve sustainable and profitable growth, setting leading standards in the Takaful sector. Looking ahead, we aspire to achieve further milestones and growth in the coming years, driven by teamwork, innovation, and a steadfast commitment to creating lasting value for all stakeholders,” he said Essam Al Ansari, Chief Executive Officer, stated that the company made significant progress last year and that these results reflect the company’s ability to maintain financial stability despite the challenges facing the insurance market.

He said, “The company is committed to meeting the expectations of its shareholders, policyholders, and all stakeholders. It has always prioritized fostering long-term relationships and delivering the highest level of service. Through financial discipline and well-considered strategic decisions, we see a promising future ahead and are preparing to achieve further progress in the coming years. Guided by a clear vision and a cohesive strategy, we aim to create sustainable value for all stakeholders, including customers, shareholders, partners, and employees. As part of our commitment to sustainability, we integrate Environmental, Social, and Governance (ESG) principles into our operations to ensure a lasting positive impact.”