Takaful Q1 profit jumps 30% on funds’ growth, strategies

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Takaful International Company reported a 30% growth in its first-quarter profit, helped mainly by the improved performance of the General Takaful fund and shareholders’ fund.

General Takaful fund achieved a surplus of BD 197K compared to a surplus of BD 157K for the same period last year, while shareholders’ fund achieved a net profit of BD 255K compared to a net profit of BD 231K for the same period last year.

The Family Takaful fund achieved a profit of BD 4K compared to a deficit of BD 37K for the same period last year. Q1 total net profit was BD 457K compared to BD 351K in the year-ago quarter with an increasing percentage of 30%.

Jamal Ali Al Hazeem, the Chairman, said the good results reflect the stability of performance despite the continuation of the pandemic. He added that the company strengthened its financial position during this quarter by allocating additional technical reserves to meet the challenges posed by the pandemic conditions.

Essam Mohamed Al Ansari, Chief Executive officer, attributed the improved results to the policies and strategies adopted by the company recently.

He said the company provided many insurance covers during the past months to provide insurance options with Islamic solutions that suit the various needs of individuals and institutions.

Q1 net profit attributable to the shareholders of the parent was BD 255K compared to BD 231k for the same period last year, an increase of 11%.

Earnings per share at 3 Fils compared with 2.71 Fils for the same period last year. Total comprehensive income attributable to the shareholders of the parent stood at BD 493K compared to losses of BD 77 for the same period last year.

Total gross contributions increased by 18% to BD 9,540m compared to BD 8,075m for the same period last year. Net earned contributions also increased by 7% to BD 4,467m as compared to BD 4,189m for the same period last year.

The net incurred claims decreased by 1% to BD 2,874m as compared to BD 2,838m for the same period last year.