With a growth of 10%, Takaful International announces its financial results for the first quarter 2022

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Board of Directors of Takaful International Company B.S.C. (Trading Code: TAKAFUL) approved the financial results for the period ended 31 March 2022. The net profit attributable to the shareholders of the parent for the three months ended 31 March 2022 was BD 281K compared to BD 255K for the same period last year, an increase of 10%, and a corresponding earnings per share at 3.3 Fils compared with 3 Fils for the same period last year.

Total comprehensive income attributable to the shareholders of the parent for the three months ended 31 March 2022 stood at BD 445K compared to BD 493K for the same period last year, a decrease of 10%. The Company reported a total net profit of BD 502K for the first quarter 2022 compared to BD 457K for the same period last year with an increase percentage of 10%, which is attributed to the improved performance of the shareholders’ fund that achieved a net profit of BD 281K compared to a net profit of BD 255K for the same period last year, as well as the improved performance of the General Takaful fund which achieved a surplus of BD 220K compared to a surplus of BD 197K for the same period last year.

The Family Takaful fund achieved a surplus of BD 1,434 in the first quarter 2022 compared to a surplus of BD 3,715 for the same period last year. Total gross contributions for the three months ended 31 March 2022 were BD 9,542m compared to BD 9,540m for the same period last year.

Net earned contributions decreased by 4% to BD 4,307m as compared to BD 4,467m for the same period last year. The net incurred claims increased by 2.5% to BD 2,946m for the three months ended 31 March 2022 as compared to BD 2,874m for the same period last year. The Company’s total equity attributable to the shareholders of the parent was BD 11,470m as at 31 March 2022 compared to BD 11,646m as at 31 December 2021, with a slight decrease of 2% due to payment of dividends.

Total assets of the Company increased by 12% to BD 50,890m as at 31 March 2022 compared to BD 45,587m as at 31 December 2021. Commenting on the announced financial results, Mr. Ebrahim Al Rayes, Chairman of the Company, stated that the Company achieved a satisfactory growth in income and achieved the goals set for the first three months of the year.

Mr. Al Rayes also added: we hope that the Bahraini insurance market improves in line with the good recovery in the Kingdom and the gradual return to normal circumstances. Mr. Essam Mohamed Al Ansari, Chief Executive officer of the Company, stated that the results of the first quarter of the year are promising. The Company is proceeding with digital transformation projects that have reduced operational costs and provided our services more simply and efficiently.