Takaful shareholders approve dividend payment

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Shareholders of Takaful International Company yesterday approved the distribution of cash dividends of 5%, an equivalent of BD 425K (5 fils per share). The approval was during the company’s Annual General Meeting and the Extraordinary General Meeting at its headquarters in Seef Area with a quorum of 91.55%.

The shareholders approved financial results for the year ended 31 December 2021, which were announced earlier this year: (Net profit of BD 1,603m compared to BD 1.544m last year with an increasing percentage of 4%, and net profit attributable to the shareholders of the parent of BD 931k compared to BD 1.144m last year and corresponding earnings per share at 10.95 fils compared to 13.46 fils last year).

Approval was also given to the purchase of treasury shares not exceeding 10% of the company’s shares, subject to the approval of the relevant regulatory authorities.

Ebrahim Al Rayes, the Chairman, said that despite the significant economic fluctuations during the year, the company’s total written contributions increased to BD 24.8 million (2020: BD 22.9 m), adding that the company has achieved growth in its profits due to the collaborative efforts and synergies with the parent company, which facilitated the reduction in operational expenses and increased productivity, in addition to utilizing the expertise from both companies which added value to the services provided to customers and attributed in providing high-quality competitive products.

Al Rayes also stated that the company has entered, along with its parent company, into an agreement with a global leader Company specialising in IT services, consulting, and business solutions for digital transformation and maintaining its position as a market leader in Bahrain. Essam Al Ansari, Chief Executive Officer of the Company, said that the results achieved reflect the company’s selective underwriting approach, which is based on continuous measurement and regular monitoring of risks, which is reflected in the controlling of net claims ratio that reached 68.5% in 2021 (2020: 70%).

The efforts to enhance the financial strength of the Company led to the re-rating of its credit rating as (A-) Excellent from the Global rating agency AM Best.