Takaful International Company: 2023 results

Takaful International Company (GIG Bahrain Takaful) has published its 2023 financial results, in accordance with the new Islamic accounting standards FAS 42, 43, and 30, which are equivalent to IFRS 17 and IFRS 9.

The company's turnover (takaful contributions) for the year ended 31 December amounted to 24.363 million BHD (64.2 million USD), up by 1.5% on the 23.994 million BHD (63.2 million USD) recorded a year earlier.

The net profit improved by 21% to 1.513 million BHD (4 million USD) from 1.253 million BHD (3.3 million USD) at the end of 2022.

The net investment income climbed from 661 000 BHD (1.7 million USD) as at 31 December 2022 to 1.217 million BHD (3.2 million USD) twelve months later, representing an 84% growth.

During the reporting period, the company's total assets and shareholders' equity stood at 41.589 million BHD (109.6 million USD) and 12.086 million BHD (31.9 million USD) respectively.

The Board of Directors will propose the distribution of a dividend of 7.5 BHD (19.8 USD) per share at the next General Meeting.