Takaful International Company Third Quarter 2015 Financials
OREANDA-NEWS. The Board of Directors has approved during its meeting held on 10th November 2015, the company's 3rd quarter financials for the year 2015. The company has reported a net profit of BD 196,000 compared to BD 138,000 for last year.
Family Takaful Fund has also achieved a surplus of BD 181,000 compared to BD 31,000 last year.
General Takaful fund 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 2015 compared to last year of BD 110,000 compared to a surplus of 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.
Mr. Murad Ali Murad, Chairman of the Board of Directors commented on the results saying " The company has restructured its operation to achieve good underwriting income and has focused specially on the expenses and 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".
Mr. Younis Jamal Al Sayed, CEO of Takaful International Company on the other hand commented and said" 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 2.6 million compared to BD 2.4 million last year representing an increase of 8%.
The investment fund has also achieved an excellent income of BD 422,000 compared to BD 288,000 an increase of 46%. Company's assets for the 3 months has also shown an increase of 3% compared to last year at BD 36 million.
Mr. Younis also added, that the company managed to adapt itself with global market change and has shown its presence in the market by providing best market solutions to our participants as well as offering the highest standards of services and products that are Sharia compliance".
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.