Bahrain: Takaful International's net profit rises by 9% in 2024
Source: Middle East Insurance Review | Mar 2025
Takaful International, Bahrain’s first shariah-compliant insurer, said that its total net profit reached BHD1.65m ($4.38m), representing a 9% growth from BHD1.51m in 2023, attributable mainly to strong investment performance.
In a stock exchange disclosure, Takaful International also said that net profit attributable to the shareholders was BHD1.334m for 2024 compared to BHD937,000 in 2023, an increase of 42%.
The participants’ takaful funds posted a surplus of BHD315,000 in 2024 compared to a surplus of BHD575,000 in 2023, a decrease of 45%. The decline was due to the increase in the claims reserve for the year linked to the heavy rain claims in April 2024 as well as inflation in medical claims which the company has taken corrective underwriting measures to address.
Takaful contributions increased by 7% y-o-y 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 December 2024, compared to BHD12.09m in 2023. Total assets increased by 5% to BHD43.83m over 2024. Takaful International is a subsidiary of GIG-Bahrain. M