Takaful International profit rises on investment income

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

The Board of Directors of Takaful International Company approved the financial results for the period ended March 31, 2024, reporting a net profit of the shareholders of BD 393K for the three months ending on March 31, 2024, a 2% increase from the net profit of BD 386K for the same period in the previous year.

Comparatively, earnings per share increased to 4.6 Fils from 4.5 Fils for the same period in the previous year.

The comprehensive was BD 344K, a decrease of 10% compared to BD 381K for the same period in the previous year.

Total net profit was BD 546K compared to BD 483K for the same period in the previous year, an increase of 13%.

The improved performance of the Company is attributed to the increase in the income from investments during the quarter.

The shareholders’ fund achieved a profit of BD 393K, compared to a profit of BD 386K for the same period of the previous year, an increase of 2%.

The Takaful Funds achieved a surplus of BD 153K, compared to a surplus of BD 97K for the same period of the previous year, an increase of 58%.

Recognized Takaful contributions were BD 5.89 million, compared to BD 6.43 million for the same period of the previous year, a decline of 7%.

Recognized Takaful Costs were BD 4.71 million, compared to BD 5.32 million in the same period of the previous year, a decrease of 11%.

Ebrahim Al Rayes, Chairman of the Board of Directors of the Company, stated that the Company had achieved satisfactory results in Takaful operations, which showcases its ability to generate sustainable returns.

Additionally, the Chairman expressed his enthusiasm regarding the appointment of new board members, whose diverse expertise and fresh perspectives will contribute to the company’s continued success in delivering value to stakeholders and driving long-term growth.

He added: “We remain focused on optimizing our operations, managing risk effectively, and maintaining a strong financial foundation to capitalize on future opportunities.”

For his part, Essam Al Ansari, the Company’s Chief Executive Officer, emphasized that our commitment to digitalization continues to drive our success.

By embracing technology, we have transformed our operations, enhanced efficiency, and delivered superior customer experiences.

Our focus on digitalization positions us as a forward-thinking organization, enabling us to adapt swiftly to changing market dynamics. Furthermore, we remain dedicated to Environmental, Social, and Governance (ESG) principles.

We understand that sustainable practices are crucial for our communities and long-term value creation.