Latest news with #TakafulInternational
Zawya
14-05-2025
- Business
- Zawya
Takaful International announces its financial results for the first quarter of 2025
Manama – Kingdom of Bahrain: The Board of Directors of Takaful International Company B.S.C. (Trading Code: TAKAFUL) approved the financial results for the period ended March 31, 2025. The net profit of the shareholders before tax was BD 481K for the three months ending on March 31, 2025, a 22% increase from the net profit of BD 393K for the same period in the previous year. The net profit of the shareholders after tax was BD 422K for the three months ending on March 31, 2025, compared with a net profit of BD 393K for the same period in the previous year. Comparatively, earnings per share for the three months ending on March 31, 2025 increased to 4.96 Fils from 4.62 Fils for the same period in the previous year. The comprehensive income for the three-month period ending on March 31, 2025, was BD 442K, an increase of 28% compared to BD 345K for the same period in the previous year. The Company reported a total net profit before tax of BD 639K during the first quarter of the year 2025 compared to BD 546K for the same period in the previous year, an increase of 17%. The improved performance of the Company is attributed to the increase in the income from investments and insurance operations during the quarter. The shareholders' fund achieved a profit before tax of BD 481K during the first quarter of the year 2025, compared to a profit of BD 393K for the same period of the previous year, an increase of 22%. The Takaful Funds achieved a surplus before tax of BD 158K during the first quarter of 2025, compared to a surplus of BD 153K for the same period of the previous year, an increase of 3%. Recognized Takaful contributions were BD 6.84 million for the first quarter 2025, compared to BD 5.89 million for the same period of the previous year, an increase of 16%. Recognized Takaful Costs were BD 5.73 million during the first quarter 2025, compared to BD 4.71 million in the same period of the previous year, an increase of 22%. The company's shareholders equity amounted to BD 12.06 million as of March 31, 2025, compared to BD 12.68 million as of December 31, 2024, a decrease of 5%. The company's total assets increased by 6% from BD 43.83 million as of December 31, 2024, to BD 46.62 million as of March 31, 2025. Commenting on the announced financial results, Mr. Ebrahim Al Rayes, Chairman of the Board of Directors of the Company, stated that the company delivered satisfactory results in both Takaful operations and investments. This positive performance is a result of the continued focus on enhancing operational efficiency, improving insurance products and services, as well as prudent risk management. On the other hand, the performance of the investment portfolio played a pivotal role in supporting the financial results, as the company succeeded in generating good investment returns by following a balanced investment strategy that emphasizes diversification and avoiding high-risk investments, with a particular focus on sustainable growth opportunities. In conclusion, we express our deep appreciation for the trust placed in us by our shareholders and clients, and for our outstanding team, which remains the cornerstone of our success. For his part, Mr. Essam Al Ansari, the Company's Chief Executive Officer, affirmed that the company achieved strong financial results with a growth in insurance contributions of 16% and maintained its good investment performance during the period ending March 31, 2025. Moreover, our strategic partnerships—most notably our collaboration with Zain Bahrain—have been a key driver in expanding the scope of our insurance services and reaching new customer segments through innovative solutions and effective digital channels. As part of our forward-looking commitment, the company continues to invest in enhancing its digital capabilities and fostering innovation in product and service delivery, ensuring agility in responding to market changes and customer expectations, while maintaining a strong financial solvency that meets the insurance operations requirements and reinforces shareholder confidence. The company also remains committed to its social responsibility through sustainable community initiatives aligned with its integrated vision for responsible growth and positive impact. About Takaful International Company Takaful International Company B.S.C. is the first Islamic Insurance Company in Bahrain. It was established in 1989. The Company provides a wide range of insurance covers and products consistent with the principles of Islamic Shari'a that serves the various needs of individuals and corporates. The Company is a subsidiary of GIG-Bahrain and is assigned a rating of A- Excellent by AM Best Credit Rating Agency. The full set of financial statements is available on Bahrain Bourse's website. For more information, please contact us: Takaful International Company Email: badria@ Website:
Zawya
13-05-2025
- Business
- Zawya
Bahrain: Takaful posts net profit for Q1 2025
Bahrain - Takaful International Company has reported net profit of the shareholders before tax of BD481,000 for the three months ended March 31, 2025, a 22 per cent increase from the net profit of BD393,000 for the same period in the previous year. The net profit of the shareholders after tax was BD422,000 for the three months period compared with a net profit of BD393,000 for the same period in the previous year. Comparatively, earnings per share for Q1 2025 increased to 4.96 fils from 4.62 fils for the same period in the previous year. The comprehensive income for the three-month period was BD442,000, an increase of 28pc compared to BD345,000 for the same period in the previous year. The company reported a total net profit before tax of BD639,000 during the first quarter of the year 2025 compared to BD546,000 for the same period in the previous year, an increase of 17pc. The improved performance of the company is attributed to the increase in the income from investments and insurance operations during the quarter. The shareholders' fund achieved a profit before tax of BD481,000 during the first quarter of the year 2025, compared to a profit of BD393,000 for the same period of the previous year, an increase of 22pc. The takaful funds achieved a surplus before tax of BD158,000 during the first quarter of 2025, compared to a surplus of BD153,000 for the same period of the previous year, an increase of 3pc. Recognised takaful contributions were BD6.84m for the first quarter 2025, compared to BD5.89m for the same period of the previous year, an increase of 16pc. Recognised takaful costs were BD5.73m during the first quarter 2025, compared to BD4.71m in the same period of the previous year, an increase of 22pc. The company's shareholders equity amounted to BD12.06m as of March 31, 2025, compared to BD12.68m as of end-2024, a decrease of 5pc. The company's total assets increased by 6pc from BD43.83m as of end-2024 to BD46.62m as of March 31, 2025. Commenting on the results, chairman Ebrahim Al Rayes stated that the company delivered satisfactory results in both Takaful operations and investments. 'This positive performance is a result of the continued focus on enhancing operational efficiency, improving insurance products and services, as well as prudent risk management,' he added. 'On the other hand, the performance of the investment portfolio played a pivotal role in supporting the financial results, as the company succeeded in generating good investment returns by following a balanced investment strategy that emphasises diversification and avoiding high-risk investments, with a particular focus on sustainable growth opportunities. In conclusion, we express our deep appreciation for the trust placed in us by our shareholders and clients, and for our outstanding team, which remains the cornerstone of our success.' For his part, the company's chief executive Essam Al Ansari affirmed that the company achieved strong financial results with a growth in insurance contributions of 16pc and maintained its good investment performance during the period ending March 31, 2025. 'Moreover, our strategic partnerships – most notably our collaboration with Zain Bahrain – have been a key driver in expanding the scope of our insurance services and reaching new customer segments through innovative solutions and effective digital channels. 'As part of our forward-looking commitment, the company continues to invest in enhancing its digital capabilities and fostering innovation in product and service delivery, ensuring agility in responding to market changes and customer expectations, while maintaining a strong financial solvency that meets the insurance operations requirements and reinforces shareholder confidence. The company also remains committed to its social responsibility through sustainable community initiatives aligned with its integrated vision for responsible growth and positive impact.'
Daily Tribune
15-02-2025
- Business
- Daily Tribune
Takaful International achieves net profit of BD 1.65 million for the year 2024 with an increase of 9%
Email : Takaful International Company B.S.C. has announced its financial results for the fourth quarter and full year ended December 31, 2024, reporting significant growth in shareholders' net profit, improved investment income, and continued market leadership in the takaful sector. Fourth Quarter 2024 Performance The company recorded a net profit attributable to shareholders of BD 429K for the fourth quarter of 2024, marking a 62% increase compared to BD 264K in the same period last year. This resulted in an earnings per share of 5.05 Fils, up from 3.11 Fils in Q4 2023. The total net profit for the quarter stood at BD 487K, reflecting a 34% increase from BD 363K in the previous year, primarily driven by higher returns from the investment portfolio. However, the participants' Takaful funds surplus declined by 41% to BD 58K, compared to BD 99K in Q4 2023, due to an increase in claims reserves. The recognized Takaful contributions grew by 10% to BD 6.774M in Q4 2024, up from BD 6.159M in the same period last year. Meanwhile, the recognized Takaful cost saw a notable decline of 21.6%, amounting to BD 5.088M compared to BD 6.489M in Q4 2023. Full-Year 2024 Financial Highlights For the full year ended December 31, 2024, Takaful International recorded a net profit attributable to shareholders of BD 1.334M, a 42% increase from BD 937K in 2023. Earnings per share rose to 15.7 Fils, compared to 11.03 Fils in the previous year. The company's total comprehensive income increased by 27% to BD 1.231M from BD 969K in 2023. The total net profit reached BD 1.65M, reflecting a 9% year-on-year growth, mainly attributed to strong investment performance. The participants' Takaful funds surplus stood at BD 315K, down 45% from BD 575K in 2023, primarily due to higher claims reserves, which were impacted by heavy rain claims in April 2024 and rising medical claims inflation. Takaful International's recognized Takaful contributions increased by 7% to BD 25.981M from BD 24.363M in 2023, while recognized Takaful costs rose by 10% to BD 22.624M. Balance Sheet Growth The company's total equity attributable to shareholders grew by 5% to BD 12.68M as of December 31, 2024, compared to BD 12.086M in 2023. Total assets increased by 5% to BD 43.833M from BD 41.589M. Chairman's Statement Commenting on the results, Mr. Ebrahim Al-Rayes, Chairman of the Board of Directors, stated that Takaful International's financial performance for 2024 was in line with the Board's projections, highlighting strong investment returns and a notable improvement in shareholders' fund performance. He credited the company's new investment strategies for enhancing portfolio returns, particularly in listed financial stocks and Islamic Sukuk. Mr. Al-Rayes also emphasized the company's growing commitment to Environmental, Social, and Governance (ESG) principles, announcing the publication of Takaful International's first comprehensive ESG report for 2024. He reiterated the company's dedication to sustainability and responsible governance. Additionally, he revealed that the Board has recommended cash dividends of 12.5% of the paid-up capital (12.5 Fils per share, totaling BD 1,062,500), pending approval from the Central Bank of Bahrain and shareholders at the upcoming Annual General Meeting. CEO's Statement Mr. Essam Mohammed Al Ansari, CEO of Takaful International, highlighted the company's resilience and financial stability despite challenging market conditions in the insurance sector. He noted that Takaful International successfully retained its A- credit rating with a stable outlook from AM Best, reinforcing its position as a leader among locally rated Takaful providers. Mr. Al Ansari also underscored the company's strategic partnerships, which have strengthened its market position. He further announced the launch of a new company website, marking a major step in digital transformation aimed at enhancing customer experience and service efficiency. "As Takaful International continues to drive growth, innovation, and sustainability, we remain committed to enhancing value for all stakeholders," Mr. Al Ansari concluded.
