Takaful International Company, a subsidiary of gig group, has reported net profit attributable to the shareholders fund of the parent for the first quarter of 2022 of BHD281,000 ($747,340) against BHD255,000 for the same period last year, an increase of 10%. Earnings per share for the same period was at 3.3 fils versus 3 fils for 1Q2021.
The provider’s total net profit for 1Q2022 reached BHD502,000 compared to BHD457,000 for the same period last year, a 10% increase. The increase in profit was attributed to the improved performance of the shareholders’ fund as well as the improved performance of the general takaful fund which achieved a surplus of BHD220,000 compared to a surplus of BHD197,000 in 1Q2021. The family takaful fund achieved a surplus of BHD1,434 in 1Q2022 compared to a surplus of BHD3,715 for the same period last year.
Total gross contributions for the first quarter of 2022 reached BHD9.542m compared to BHD9.540m for the same period last year. Net earned contributions decreased by 4% to BHD4.307m against BHD4.467m in 1Q2021. The net incurred claims increased by 2.5% to BHD2.946m for 1Q2022 compared to BHD2.874m for the same period last year. M