Takaful International Co. reports financial results

Manama : Takaful International Company yesterday announced financial results for the year ended December  31, 2015 reporting a net loss in the Shareholders Fund of BD755,372 (BD843,703 during year 2014) and BD1.085 million (BD964,378 during year 2014) in the General Takaful fund.

The company attributed the loss to the new impairment policy adopted by the board on the receivables and investments.

Family Takaful Fund reported a profit of BD141,934 for year 2015 (BD105,107 during year 2014), a growth of around 35 per cent compared to profit for the  previous year. 

The board of directors stated that “The Company reported losses mainly due to the implementation of impairment policies which are in line with the best market practice and accounting standards to reflect the fair value of the Investments and receivables of the company.”

During the year 2015 the company provided for BD1.423m (BD 501,302 for the year 2014) impairment on its Investments. 

The board of directors said it have managed to control and reduce the operational and management costs. Have also focused on improving the credit control policies and collections of overdue receivables. The board also said it is confident that these measures will yield positive results and benefit to the shareholders, participants and other stake holders of the company.

Younis J. Al Sayed, CEO said, “The company has improved its  claims ratio compared to last year although there was a reduction in the total annual contributions written during the year compared to last year”. 

The technical surplus from the operations before wakala fee is BD2.977m compared to BD1.911m last year representing a growth of 56pc. 

The investment fund also recorded a decent income of BD491,418 compared to BD338,397, a growth of 45pc compared to last year. 

Younis also added that the company managed to adapt itself with the global market change and has shown its presence in the market by providing best market solutions to our participants as well as offering the highest standards of services and Sharia’a complied products.

For the quarter ended December 31, 2015 the company reported a net loss in the Shareholders Fund of BD951,771(BD981,758 during same period 2014) and BD741,010 (BD990,480 during same period 2014) in the General Takaful fund. Also, Family Takaful Fund reported a loss of BD38,969 (BD73,751 profit during same period 2014).