Takaful posts BD1 million profit

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Helped by improved performance of its General Takaful and Shareholders’ funds, Takaful International Company, the first Islamic Insurance Company in Bahrain, yesterday posted Q3 and nine-month profits, much better than what it reported in the prior-year period.

In Q3, General Takaful fund achieved a surplus of BD 294K, compared to BD 238K for the same period last year, up 24%. Shareholders’ fund achieved a net profit of BD 223K compared to BD 220K for the same period prior year (1% increase). The Family Takaful fund achieved a deficit of BD 56K in the third quarter of 2021 compared to a deficit of BD 5K for the same period last year.

Ebrahim Al Rayes, Chairman of the Board, said that the Company attained good performance and maintained the high credit rating of (A-) from the international rating agency AM Best. Essam Al-Ansari, CEO of the Company, said the interim financial results “reflect good stability in the company’s performance, especially the continuous growth in total contributions despite the conditions of the insurance market.”

Q3 results

The third-quarter net profit attributable to the shareholders of the parent was BD 223K compared to BD 220K for the same period last year, an increase of 1%. Earnings per share rose to 2.62 Fils from 2.59 Fils for the same period a year ago. Total comprehensive income attributable to the shareholders of the parent stood at BD 207K compared to BD 241 for the same period last year, a decrease of 14%. Total Q3 net profit improved to BD 460K from BD 453K for the same period last year with an increasing percentage of 2%. Total gross contributions were BD 4.973m compared to BD 4.675m for the same period last year, an increase of 6%. Net earned contributions increased by 5% to BD 4.435m 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 of 2021 as compared to BD 2.910m for the same period last year.

Nine-month results

Nine-month 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%. Earnings per share were 8.29 Fils compared with 6.83 Fils a year before. Total comprehensive income attributable to the shareholders of the parent stood at BD 735K compared to BD 497K for the same period last year, an increase of 48%.

Nine-month net profit was BD 1.206m compared to BD 1m for the same period last year with an increasing percentage of 21%. The increase 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%, and 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 (an 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 compared to BD 12.460m for the same period the previous year. The net incurred claims decreased by 1% to BD 8.759m compared to BD 8.846m for the same period a year ago.