Bahrain: Takaful International reports 13% increase in profit
Source: Middle East Insurance Review | Jun 2024
Net profit of the shareholders for Takaful International Company reached BHD393,000 ($1m) for 1Q2024, a 2% increase compared with the same period in the previous year. The comprehensive income for 1Q2024 reached BHD344,000, a 10% decrease compared to BHD381,000 achieved in 1Q2023.
The company reported a total net profit of BHD546,000 during 1Q2024 compared to BHD483,000 for the same period in the previous year, an increase of 13%.
The improved performance of the company in the first quarter is attributed to the increase in the income from investments. The shareholders’ fund achieved a profit of BHD393,000 during 1Q2024, compared to a profit of BHD386,000 for the same period of the previous year, an increase of 2%. Takaful funds achieved a surplus of BHD153,000 during 1Q2024, compared to a surplus of BHD97,000 in 1Q2023, an increase of 58%.
Gross takaful contributions reached BHD5.89m in 1Q2024 against BHD6.43m in 1Q2023, a decline of 7%. Recognised takaful costs stood at BHD4.71m compared to BHD5.32m in 1Q2023, a decrease of 11%.
Shareholders equity amounted to BHD11.79m by 1Q2024, compared to BHD12.09m as of December 31, 2023, a slight decrease of 2%. Total assets increased by 6% from BHD41.59m as of December 31, 2023, to BHD44.08m as of March 31, 2024. M