Takaful International profit rises 6%

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Helped by higher performance of General Takaful and other funds, Takaful International Company said its profits for the fourth and full year 2022 rose from a year ago.

Based on which, Ebrahim Al Rayes, the Chairman of the Board of Directors, said the company decided to make a recommendation to the General Assembly of a cash dividend distribution of 5% of the paidup capital, equivalent to 5 Fils per share and aggregating BD 425,000.

Q4 results

Fourth quarter net profit attributable to the shareholders was BD 291K compared to BD 227K for the same period last year, an increase of 29%.

Earnings per share was 3.43 Fils compared to 2.67 Fils in the year-ago quarter.

Total comprehensive income attributable to the shareholders stood at BD 367K compared to BD 177K for the same period last year, an increase of 107%.

Total net profit was BD 481K compared to BD 396K for the same period last year with an increase of 21%, which is mainly attributed to higher performance of the General Takaful fund which achieved a surplus of BD 249K compared to BD 102K for the same period last year, with an increase of 144%.

The shareholders’ fund reported a profit of BD 291K in the fourth quarter 2022 compared to a profit of BD 227K for the same period last year.

Family Takaful’s fund performance reported a deficit of BD 59K compared to a surplus of BD 68K for the same period last year.

Total gross contributions were BD 5.3m compared to BD 4.9m for the same period last year, an increase of 8%.

Net earned contributions decreased by 5% to BD 4.419m as compared to BD 4.669m for the same period last year.

The net incurred claims decreased by 3% to BD 3.368m in the fourth quarter 2022 as compared to BD 3.463m for the same period last year.

Full year results

Full year 2022 net profit attributable to the shareholders’ fund was BD 1.002m compared to BD 931K last year, an increase of 8%.

Earnings per share was 11.79 Fils compared with 10.95 Fils last year.

Total comprehensive income attributable to the shareholders for the year ended 31 December 2022 stood at BD 906K compared to BD 912K last year, a decrease of 1%.

Net profit was BD 1,703m compared to BD 1,603m last year with an increase of 6%, which is attributed to the improved performance of the shareholders’ fund which achieved a profit of BD 1,002m compared to BD 931K last year with an increase of 8%, and the improved performance of the General Takaful’s fund which achieved a surplus of BD 726K compared to a surplus of BD 725K last year.

The Family Takaful fund achieved a deficit of BD 25K this year compared to a deficit of BD 53K last year.

Essam Mohammad Al-Ansari, Chief Executive Officer, explained that the Company’s financial results reflect ability to achieve financial stability despite the conditions in the insurance market.

He said the Company has enhanced its technical reserves and diversified its Takaful and investment portfolios during the year, which reflected positively on the strength and durability of financial position.