“International Takaful” achieves 1.65 million Bahraini dinars in 2024, an increase of 9%

The Board of Directors of the International Takaful Company (TAKAFUL) has approved the company’s financial results for the year ending on December 31, 2024 AD.

Financial results for the three months ending December 31, 2024 AD

The net profit returned to shareholders reached 429 thousand Bahraini dinars for the three -month period ending on December 31, 2024 compared to a net profit of 264 thousand Bahraini dinars for the same period in the previous year, an increase of 62%. The return for the share reached 5.05 fils for the three -month period ending on December 31, 2024 compared to 3.11 fils per share for the same period in the previous year. The comprehensive income returned to shareholders reached 201 thousand Bahraini dinars during the three -month period ending on December 31, 2024 AD compared to a comprehensive income of 548 thousand Bahraini dinars for the same period in the previous year, a decrease of 63%.

The total profits of the company reached 487 thousand Bahraini dinars during the fourth quarter of the year 2024 AD compared to 363 thousand Bahraini dinars for the same period in the previous year, an increase of 34%, due to the improvement of the performance of the shareholders fund, which achieved a profit of 429 thousand Bahraini dinars during the fourth quarter of the year 2024 AD compared to With a profit of 264 thousand Bahraini dinars for the same period in the previous year, an increase of 62 %, and this increase is due to the increase in income from investments. As for the participants ’fund, it achieved a surplus of 58 thousand Bahraini dinars in the fourth quarter of the year 2024 compared to a surplus of 99 thousand Bahraini dinars for the same period in the previous year, a decrease of 41%, and this decrease in the performance of the two takaful funds is due to the high allocations of the claims achieved.

The installed solidarity contributions reached 6.774 million BD during the fourth quarter of the year 2024 AD compared to 6.159 million Bahraini dinars for the same period in the previous year, an increase of 10%. The costs of solid solidarity reached 5.088 million Bahraini dinars during the fourth quarter of the year 2024 m, compared to 6.489 million Bahraini dinars during the same period in the previous year, a decrease of 21.6%.

Financial results for the fiscal year ending December 31, 2024 AD

As for the results of the full year, the net profit returned to shareholders reached 1.334 million Bahraini dinars for the fiscal year ending on December 31, 2024 AD compared to a net profit of 937 thousand Bahraini dinars in the previous year, an increase of 42%. The return of the share reached 15.7 fils compared to 11.03 fils per share in the previous year. The comprehensive income belonging to the shareholders for the year reached 1.231 million Bahraini dinars compared to a comprehensive income of 969 thousand Bahraini dinars in the previous year, an increase of 27%.

The total profits of the company reached 1.65 million BD for the fiscal year ending December 31, 2024 AD compared to a total profit of 1.513 million Bahraini dinars in the previous year, an increase of 9%, due to the improvement of the performance of the shareholders fund, which made a profit of 1.334 million Bahraini dinars in the financial year ending in December 31, 2024 AD, compared to a profit of 937 thousand Bahraini dinars during the previous year, an increase of 42%, and this increase is due to the increase in income from investments. As for the participants ’fund, it achieved a surplus of 315 thousand Bahraini dinars in the fiscal year ending on December 31, 2024 AD compared to a surplus of 575 thousand Bahraini dinars during the previous year, a decrease of 45%, and this decrease in the performance of the two takaful fund Heavy in April 2024, in addition to the inflation of the prices of health claims, which the company took the necessary subscription measures to address it.

The installed solidarity subscriptions reached 25.981 million Bahraini dinars during the fiscal year ending on December 31, 2024 m, compared to 24.363 million Bahraini dinars in the previous year, an increase of 7%. The costs of solid solidarity reached 22.624 million Bahraini dinars during the fiscal year ending on December 31, 2024 m, compared to 20.551 million Bahraini dinars during the previous year, an increase of 10%.

The total property rights returning to shareholders reached 12.68 million Bahraini dinars for the fiscal year ending December 31, 2024 m, compared to 12.086 million Bahraini dinars in the previous year, an increase of 5%.

The total assets of the company reached 43.833 million Bahraini dinars for the fiscal year ending December 31, 2024 m, compared to 41.589 million Bahraini dinars in the previous year, an increase of 5%.

Point of Chairman of the Board of Directors

On the sidelines of the financial statements, Mr. Ibrahim Al -Rayes – the Chairman of the Board, stated, indicating that the financial results of the company for the year 2024 came in accordance with the financial perceptions adopted by the Board of Directors and that the company was able to achieve good growth in income from the investment operations that witnessed a remarkable improvement in the performance of the shareholders’ list, where it resulted in The investment policies that the company pursued in improving income has led the shift in the listed financial funds portfolio, as well as focusing on the disciplined investment in Islamic sukuk in achieving the full benefit from the management of cash.

Parallel to the financial achievements, the Environmental, Social and Sustainable Commission (ESG) was established in the past year, which is an important step towards promoting commitment to sustainability and good governance. This year, we are pleased to announce the issuance of the first comprehensive report in the field of environmental, social and sustainable governance for the year 2024, which will address the results achieved by the company in the field of sustainability. Over the past year, the company’s work team has implemented and enhanced a number of environmental and social initiatives and governance, with a clear focus on achieving a long -term positive impact along with continuous financial growth.

The Chairman of the Board of Directors indicated that the Council decided to raise a recommendation to the General Assembly to distribute cash profits of 12.5% ​​of the paid -up capital, equivalent to 12.5 fils per share with a total of 1,062,500 Bahraini dinars, subject to the approval of the Central Bank of Bahrain and shareholders at the next General Assembly meeting.

CEO statement

For his part, Mr. Essam Mohamed Al -Ansari, CEO, commented on the financial results of the company, explaining that these results reflect the company’s ability to achieve financial stability despite the challenges taking place in the insurance market. He pointed out that the company was able to maintain the credit rating of the A-with a stable future outlook from the AM BEST agency, which places it at the forefront of locally classified solidarity companies. Expressing his appreciation for the efforts made by the team, who had a major role in achieving this success.

In addition, Mr. Al -Ansari stressed that the company has held many important strategic partnerships as these partnerships contribute to enhancing the international solidarity position in the market. He also pointed to the launch of the new website of the company, which represents an important step in the march of continuous digital transformation, which contributes to improving customer experience and facilitating the provision of services.

In conclusion, he stressed that the company continues to enhance its position in the market through strategic partnerships and digital developments, with its continuous commitment to supporting growth, innovation and sustainability, and enhancing the value of all stakeholders.