Takaful International posts net profit of BD196,000
Takaful International Company Board of Directors approved during its meeting held on November 10, the company’s third quarter financials for 2015.
The company reported a net profit of BD 196,000 compared to BD 138,000 for last year.
Family Takaful Fund also achieved a surplus of BD 181,000 compared to BD 31,000 last year.
It has shown a deficit of BD 344,000 mainly due to increases in claims from motor and medical portfolio.
The 3 months performance for the year 2015 for General Takaful has shown good performance compared to last year 2014, of BD 114,000 compared to BD 6,000.
The Family Takaful has shown a deficit for 3 months of BD 110,000 compared to BD 2,000 for 2014.
Share holders fund has also shown reduction in profits for the 3 months financials of BD 3,000 compared to BD26,000 for 2014.
Chairman of the Board of Directors Murad Ali Murad, commented, “The company has restructured its operation to achieve good underwriting income and has focused specially on the expenses and on improving the collection from its client and other parties. The board of directors is looking forward to achieve the company’s goals by introducing new innovative Takaful solutions, that will benefit the shareholders and participants all together”.
CEO of Takaful International Company Younis Jamal Al Sayed stated, “The company has managed to adapt to the competitive market and has achieved promising claims ratio, even though the gross contributions has reduced compared to last year. The technical surplus from the operations before wakala is BD 2.6m compared to BD 2.4m last year representing an increase of 8pc.”
The investment fund has also achieved an excellent income of BD 422,000 compared to BD 288,000, an increase of 46pc.
Company’s assets for the 3 months has also shown an increase of 3pc compared to last year at BD 36m.
Younis added, “The company managed to adapt itself with global market change and has shown its presence by providing best market solutions to our participants as well as offering the highest standards of services.”
Takaful International company is the first Takaful company established in the region back in 1989 and provides all types of products for both corporate and individuals.
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