Preliminary Unaudited Financial Results for Q3 2015

The Management of Al Madina Insurance Company SAOG is pleased to announce the preliminary unaudited financial results of the company for the period ended 30th September 2015.

Following are the highlights of the results (in OMR):

Item

Shareholders

General Takaful

Family Takaful

Consolidated

30-Sep-15

Gross Contributions

-

18,014,473

1,631,464

19,645,937

Net Retained Contributions

-

10,030,739

417,063

10,447,802

Net Earned Contributions

-

9,917,578

390,339

10,307,917

Net Claims Incurred

-

(6,937,225)

(103,833)

(7,041,058)

Surplus from Takaful Operations before Wakala Fees

-

2,614,236

215,584

2,829,821

Investment Income

628,340

73,084

738

702,162

Wakala Fees

3,929,187

(3,602,895)

(326,293)

-

Mudharib Fee

51,676

(51,159)

(517)

(0)

Net Profit before tax

1,530,462

(966,733)

(110,487)

453,242

Provision for tax

(68,750)

-

-

(68,750)

Net Profit and Surplus for the year ( after Tax)

1,461,712

(966,733)

(110,487)

384,492

Following are the highlights of the results (in OMR):

Item

Shareholders

General Takaful

Family Takaful

Consolidated

30-Sep-14

Gross Contributions

-

16,088,322

1,122,653

17,210,975

Net Retained Contributions

-

9,779,280

331,986

10,111,266

Net Earned Contributions

-

8,198,706

234,160

8,432,866

Net Claims Incurred

-

(4,814,084)

(108,323)

(4,922,407)

Surplus from Takaful Operations before Wakala Fees

-

3,004,462

68,849

3,073,311

Investment Income

885,269

68,134

-

953,403

Wakala Fees

3,442,195

(3,217,664)

(224,531)

-

Mudharib Fee

51,100

(51,100)

-

-

Net Profit before tax

1,481,549

(196,168)

(155,682)

1,129,699

Provision for tax

(128,901)

-

-

(128,901)

Net Profit and Surplus for the year ( after Tax)

1,352,648

(196,168)

(155,682)

1,000,798