Takaful International Company AGM approves 5% cash dividends

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com    

Shareholders of Takaful International Company has approved the distribution of cash dividends of 5%, an equivalent of BD 425K (5 fils per share) during its Annual General Meeting (AGM) on Wednesday at the Company’s headquarters in Seef Area.

The meeting also aproved the company’s financial results for the year ended 31 December 2022. The company had reported Net profit of BD 1,703m compared to BD 1.603m last year with an increase percentage of 6%, and shareholders’ net profit of BD 1.002m compared to BD 931k last year.

Earnings per share was 11.79 fils compared to 10.95 fils last year. Ebrahim Al Rayes, Chairman of the Company's Board of Directors, said that despite the significant economic fluctuations during the year 2022, the Company's total written contributions increased to BD 24.920m compared to BD 22.806m for the previous year.

Al Rayes also stated that the Company was able to achieve an adequate increase in its shareholders’ fund and increase the accumulated surplus of the policyholders' portfolio, which was achieved as a result of the strategies adopted by the Board of Directors to reduce costs and increase productivity, and the

prudent underwriting policy, as well as the efforts of the team. Essam Al Ansari, Chief Exec[1]utive Officer of the Company, said that the results achieved reflect the Company's ability to achieve financial stability despite the conditions in the insurance market.