Takaful International’s profit rises 15% to BD1.149 million

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Takaful International Company reported profits for the third quarter and nine-month 2023, which the company said achieved despite the continuous rise in loss ratios in the market, and the accounting impact resulting from the adoption of new accounting standards, which affected the approach used in determining allocations and technical reserves.

Q3 results

Quarterly net profit attributable to the shareholders was BD 245K compared to BD 320K for the same period last year, a decrease of 23%. Earnings per share was 2.88 Fils compared with 3.77 Fils in the year-ago quarter.

Total comprehensive income stood at BD 118K compared to BD 451k for the same period last year, a decrease of 74%.

Total net profit was BD 498K compared to BD 100K for the same period last year.

The participants’ Takaful funds achieved a surplus of BD 253k compared to a deficit of BD 220K for the same period last year.

The shareholders’ fund achieved a net profit of BD 245K compared to a net profit of BD 320K for the same period last year, a decrease of 23%.

Recognized Takaful Contributions were BD 5.922m compared to BD 5.571m for the same period last year, an increase of 6%.

Recognized Takaful Costs also decreased by 11% to BD 4.321m as compared to BD 4.832m for the same period last year.

Nine months results

Nine-month net profit attributable to the shareholders was BD 673K compared to BD 645K for the same period last year, an increase of 4%.

Earnings per share was 7.92 Fils compared with 7.58 Fils for the same period last year.

Total comprehensive income stood at BD 421K compared to BD 473K for the same period last year, an increase of 11%.

Net profit was BD 1.149 million compared to BD 998k for the same period last year with an increase of 15%.

The Participants’ Takaful funds achieved a surplus of BD 476K compared to a surplus of BD 353K for the same period last year, an increase of 35%.

The shareholders’ fund achieved a net profit of BD 673K compared to a net profit of BD 645K for the same period last year with an increase of 4%.

Recognized Takaful Contributions increased by 2.4% to BD 18.204m compared to BD 17.766m in the same period last year.

Recognized Takaful Costs slightly increased by 1.5% to BD 14.061m compared to BD 13.843m in the same period last year.

Ebrahim Al Rayes, Chairman of the Board of Directors, commented that the Board of Directors are satisfied with the financial performance results for the nine months ended 30 September 2023, that were in line with the budget approved by the Board of Directors at the end of last year.