MANAMA: Takaful International Company shareholders have endorsed net profit of BD690,000 for the financial year ended December 2019, as against BD651,000 in 2018.
The announcement follows the ordinary general meeting yesterday at Bahrain Kuwait Insurance Company with a quorum of 81.94 per cent.
The assembly approved the financial results for 2019 which were announced earlier this year.
Takaful contributions amounted to BD21.721 million as at 31 December 2019 compared with BD22.034m in the previous year 2018.
Earnings per share amounted to 8.12 fils compared with 8.54 fils in the previous year.
The financial results also showed an increase of 10pc in equity attributable to parent shareholders amounting to BD10m (2018: BD9.2m).
Chairman Jamal Al Hazeem presented the directors’ report for 2019, indicating that the continuing policy of expenditures reduction and full utilisation of information technology in facilitating and simplifying insurance operations for individuals and institutions has contributed to a growth of 22pc in the total net profit for 2019.
He added that the results achieved by the company had come concurrently with being assigned the highest credit rating for Takaful companies in Bahrain (financial strength rating of A- Excellent) by AM Best rating agency, which is specialised in evaluating the financial solvency of insurance and reinsurance companies.
This reflects the efficiency of procedural policies in underwriting, investment and risk management.
Mr Al Hazeem said that during 2019, the company was able to take several initiatives in the synergy framework with gig-Bahrain by unifying the work and procedures of the support departments in both companies and unifying points of sale to offer their products on a wider geographic distribution in Bahrain, which contributed to enhancing the company’s customer services and improving the customer experience.
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