MANAMA: Takaful International Company’s board of directors have approved the financial results for the three month period ended June 30, 2021.

The net profit attributable to the shareholders of the parent for quarter was BD226,000 compared to BD129,000 for the same period last year, an increase of 75 per cent, and a corresponding earnings per share at 2.66 fils compared with 1.52 fils for the same period last year.

Total comprehensive income for the period stood at BD253,000 compared to BD275,000 for the same period last year, a decrease of 8pc.

The company reported total net profit of BD289,000 for Q2-2021 compared to BD203,000 for the same period last year with an increase of 42pc, which is attributed to the improved performance of the general takaful fund that achieved a surplus of BD131,000 compared to a surplus of BD82,000 for the same period last year, as well as the improved performance of the shareholders’ fund which achieved net profit of BD226,000 compared to BD129,000 for the same period last year.

The family takaful fund achieved a deficit of BD68,000 in Q2-2021 compared to BD8,000 for Q2-2020.

Total gross contributions were BD5.414m in Q2-2021 compared to BD5.727m for the same period last year, a decrease of 6pc.

For the six months ended June 30, 2021 (H1), the net profit attributable to the shareholders of the parent was BD482,000 compared to BD360,000 for the same period last year, an increase of 34pc, and a corresponding earnings per share at 5.67 fils compared with 4.23 fils for the same period last year.

Total comprehensive income for H1 stood at BD529,000 compared to BD256,000 for the same period last year, an increase of 107pc.

Net profit for H1-2021 was BD746,000 compared to BD553,000 for the same period last year with an increase percentage of 35pc, which is attributed to the improved performance of the general takaful fund which achieved a surplus of BD329,000 compared to BD239,000 for the same period last year, an increase of 38pc, as well as the improved performance of the shareholders’ fund which achieved a net profit of BD482,000 in H1-2021 compared to BD360,000 for the same period last year.

The family takaful fund achieved a deficit of BD65,000 in the current period compared to a deficit of BD46,000 for the same period last year.

Total gross contributions increased by 8pc to BD14.954m for H1-2021 compared to BD13.801m for the same period last year.

Net earned contributions also increased by 6pc to BD8.74m as compared to BD8.255m for the same period last year.

The net incurred claims decreased by 1pc to BD5.857m for H1-2021 as compared to BD5.936m for the same period last year.

The company’s total equity attributable to the shareholders of the parent grew by 1pc to BD11.262m as of end- June 2021 compared to BD11.164m as of end-2020.

Total assets increased by 12pc to BD46,578m as of end- June 2021 compared to BD41,240m as of end-2020.

Jamal Al Hazeem, chairman, commented that the results achieved are the outcome of the underwriting and investment policies pursued by the company, which was able to deal with the exceptional circumstances that affected the performance of the international financial markets, explaining that the company had increased its

technical and investment reserves to achieve stable long-term performance.

Essam Al Ansari, CEO, said the company improved its online point of sale services to facilitate the completion of customer transactions during the pandemic.

The mobile application has also been updated to support the new mechanism for dealing with minor traffic accidents as per directives which shall speed up the procedures related to minor accidents.

The figures for the three months ended June 2020 are unreviewed.

This was pursuant to the Central Bank of Bahrain’s exemption for public shareholding companies from the preparation and publication of the quarterly reviewed financial results for the first quarter of 2020 as a measure to ease the difficulties due to the pandemic.

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