Preliminary Unaudited Financial Results for Q4 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 31 December 2015.

2015

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

Item

Shareholders

General Takaful

Family Takaful

Gross Contributions

-

29,153,442

1,982,616

Net Retained Contributions

-

12,531,688

517,027

Net Earned Contributions

-

12,500,174

491,775

Net Claims Incurred

-

(8,833,333)

(217,289)

Surplus from Takaful Operations before Wakala Fees

-

3,504,148

171,988

Investment Income

548,079

97,713

987

Wakala Fees

5,194,476

(4,797,953)

(396,523)

Mudharib Fee

69,090

(68,399)

(691)

Net Profit before tax

1,566,012

(1,264,491)

(224,239)

Provision for tax

(68,750)

-

-

Net Profit and Surplus for the year ( after Tax)

1,497,262

(1,264,491)

(224,239)

Impairment of Investments                        765,943

* The company may have to take impairment on one of their investments subject to final outcome of its discussion with Accounting Standards setting body regarding correct treatment of such strategic investments.

2014

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

Item

Shareholders

General Takaful

Family Takaful

Gross Contributions

-

21,579,879

1,534,675

Net Retained Contributions

-

12,461,668

435,954

Net Earned Contributions

-

10,546,173

387,572

Net Claims Incurred

-

(6,040,154)

(192,588)

Surplus from Takaful Operations before Wakala Fees

-

4,066,377

111,594

Investment Income

692,841

81,277

1,988

Wakala Fees

4,160,620

(3,884,378)

(276,242)

Mudharib Fee

69,099

(67,608)

(1,491)

Net Profit before tax

1,226,816

173,104

(167,150)

Provision for tax

(210,248)

-

-

Net Profit and Surplus for the year ( after Tax)

1,016,568

173,104

(167,150)