Bahrain's Takaful reports 10% increase in net profit

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Bahrain - Takaful International Company (Takaful) has reported net profit attributable to the shareholders of the parent for the three months ended March 31, 2022 of BD281,000 compared to BD255,000 for the same period last year, an increase of 10 per cent, 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 was BD445,000 compared to BD493,000 for the same period last year, a decrease of 10pc.

The company reported a total net profit of BD502,000 for the first quarter 2022 compared to BD457,000 for the same period last year with an increase percentage of 10pc, which is attributed to the improved performance of the shareholders’ fund that achieved a net profit of BD281,000 compared to a net profit of BD255,000 for the same period last year, as well as the improved performance of the general takaful fund which achieved a surplus of BD220,000 compared to a surplus of BD197,000 for the same period last year.

The family takaful fund achieved a surplus of BD1,434 in the first quarter 2022 compared to a surplus of BD3,715 for the same period last year.

Total gross contributions for the three months ended March 31, 2022 were BD9,542m compared to BD9,540m for the same period last year.

Net earned contributions decreased by 4pc to BD4,307m as compared to BD4,467m for the same period last year.

The net incurred claims increased by 2.5pc to BD2,946m for the three months ended March 31, 2022 as compared to BD2,874m for the same period last year.

The company’s total equity attributable to the shareholders of the parent was BD11,470m as of March 31, 2022 compared to BD11,646m as if December 31, 2021, with a slight decrease of 2pc due to payment of dividends.

Total assets of the company increased by 12pc to BD50,890m as of March 31, 2022 compared to BD45,587m as of December 31, 2021.

Commenting on the financial results which have been approved by the board, chairman Ebrahim Al Rayes said the company achieved a satisfactory growth in income and achieved the goals set for the first three months of the year.

Mr Al Rayes 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.”

Chief executive Essam Al Ansari said 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 services more simply and efficiently, he added.