Takaful International Company has announced that the first Islamic Insurance Company in Bahrain, says that its total net profit reached BHD1.65m ($4.38m), representing a 9% growth from BHD1.51m in 2023, mainly attributed to strong investment performance.
In a stock exchange disclosure, Takaful International also states that net profit attributable to the shareholders was BHD1.334m for 2024 compared to BHD937,000 in 2023, an increase of 42%.
Other financial highlights for 2024 include:
The participants’ takaful funds achieved a surplus of BHD315,000 in 2024 compared to a surplus of BHD575,000 in 2023, a decrease of 45%. This decline is due to the increase in the claims reserve for the year which in turn is attributed to the heavy rain claims in April 2024 as well as the inflation in medical claims, which the company has taken corrective underwriting measures to address.
Takaful contributions increased by 7% year on year to BHD25.98m in 2024. Takaful costs rose by 10% to BHD22.62m last year.
The company's total equity attributable to shareholders grew by 5% to BHD12.68m as of 31 December 2024, compared to BHD12.09m in 2023. Total assets increased by 5% to BHD43.83m over 2024.
Investment results
Mr Ebrahim Al-Rayes, Takaful International’s chairman, stated that Takaful International's financial performance for 2024 was in line with the board’s projections.
He highlighted that the company achieved significant growth in income from its investment operations, and saw a notable improvement in the performance of shareholders’ funds. The adoption of the new investment strategies resulted in positive outcomes for the performance of the shareholders’ funds. This shift led to improvements in both listed financial stocks and Islamic sukuk portfolios, deriving as well benefits from cash management.
ESG
Mr Al-Rayes also said, “An ESG committee was successfully established last year, marking a significant step in our commitment to sustainability and responsible governance. This year, we are proud to announce that our very first comprehensive ESG report will be published for the year 2024, which will highlight the progress and outcomes of the company’s sustainability efforts.”
Takaful International is a subsidiary of GIG-Bahrain.