The Board of Directors of Takaful International Company (Trading Code: TAKAFUL) approved the financial results for the period ended 30 June 2020. The net profit attributable to the shareholders of the parent for the six months ended 30 June 2020 was BD 360K compared to BD 357K for the same period last year, an increase of 1%, and a corresponding earnings per share at 4.23 Fils compared with 4.2 Fils for the same period last year. Total comprehensive income attributable to the shareholders of the parent for the period ended 30 June 2020 stood at BD 256K compared to BD 406k for the same period last year, a decrease of 37%.
The Company reported an overall net profit of BD 553K for the six months period ended 30 June 2020 compared to BD 604K of the same period last year with a decrease percentage of 8% attributed to the decrease in the net investment income and reserving an additional provision for receivable balances as well as reserving additional provisions for General and Family Takaful Technical Funds
Overall gross contributions increased by 18% to BD 13.8m as at 30 June 2020 compared to BD 11.7m for the same period last year. Net earned contributions also increased by 4% to BD 8.3m as compared to BD 7.9m. The net incurred claims increased by 2% to BD 5.9m as at 30 June 2020 as compared to BD 5.8m for the same period last year
The Company’s total equity attributable to the shareholders of the parent grew by 3% to BD 10.3m as at 30 June 2020 compared to BD 10.1m as at 31 December 2019. Total assets of BD 41m as at 30 June 2020 increased by 8% compared to BD 38m as at 31 December 2019.
Commenting on the announced financial results, Mr. Essam Al Ansari, Chief Executive Officer of Takaful International Company B.S.C. stated that the Company was able to achieve reasonable performance during this period, despite the consequences of the economic and operational effects caused by the coronavirus (COVID-19) pandemic.
Mr. Al Ansari continued that the company was able to meet the needs of its customers through electronic sales channels that contributed to facilitating and simplifying insurance operations for individuals and institutions.
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.