Gulf Insurance Group (GIG) has announced a net profit of KWD10.9m ($35.6m) for the quarter ended 31 March 2024, 5.2% lower compared to KWD11.5m for the corresponding quarter last year.
Takaful generated contributions amounting to MAD65.9m ($6.58m) in the year 2023, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
MNRB Holdings Berhad (MNRB or the Group) announced its best-ever financial performance in its 50-year history. For the financial year ended 31 March 2024 (FY2024), the Group's profit after tax (PAT) soared by 200% to surpass the MYR400m ($84.4m) mark.
Damaan Islamic Insurance Company 'BEEMA' (Beema)'s operating performance is viewed as strong, says AM Best. The insurer has consistently reported robust technical performance, with a five-year (2019-2023) weighted average combined ratio of 79.7%, as calculated by AM Best.
insureKU, an end-to-end digital insurance and takaful aggregation platform, has received received Bank Negara Malaysia's approval to begin operations.
The global mutual and cooperative sector, including takaful players, collectively wrote $1.41tn in insurance premiums and increased the sector's share of the total insurance market to an eight-year high of 26.3% in 2022, according to the International Cooperative and Mutual Insurance Federation (ICMIF).
The Securities and Exchange Commission of Pakistan has proposed amendments to the General Takaful Accounting Regulations, 2019, allowing non-life insurers to present complete takaful results in financial statements.
The takaful sector remains a small player within Islamic finance, accounting for less than 2% of the total market. Despite this, the global takaful market surpassed $30bn in 2023, according to the Arab Monetary Fund (AMF).
The Securities and Exchange Commission of Pakistan (SECP) has licensed Salaam Family Takaful Limited as the first-ever digital family takaful operator in the country.
The combined insurance revenue of listed insurance companies in the UAE saw a 20% surge to AED30bn ($10.9bn) in 2023, compared to AED25bn in 2022, according to an analysis by Badri Management Consulting of the financial statements of the insurers which number 25.