KIB Takaful Company held its Annual General Meeting (AGM) with a 100% quorum and approved the recommendation to distribute 7% (i.e., 7 fils per share) cash dividends to its shareholders.
“In 2021, KIB Takaful successfully managed to achieve its goals and strategies despite the uncertainties related to the pandemic through 2021, as the company was able to achieve good and sustainable results and improve its financial indicators”. Chairman of the Board of Directors, Dr. Osama Jawad Bukhamseen said.
“The company is working on developing new insurance products that meet the needs of individual, families and the society, expanding its footprint in both local and regional markets, and using the best means of technology in marketing and developing our insurance services and products, to achieve the company's strategic goals." He explained.
He highlighted that the company achieved a net profit of KWD 782,769 for its shareholders in 2021, compared to profits of KWD 603,786 in 2020, up by KWD 178,983, or 29.5% on the back of higher investment returns.
Meanwhile, Vice Chairman of the Board of Directors Saleh Suleiman Al-Tarad said that despite the economic challenges imposed by the consequences of the pandemic, KIB Takaful has managed to diversify its investment portfolio through diverse and successful investment opportunities by implementing high return with minimal risks, and commitment to follow the best The precautionary approach and policies for risk management, as it distributed its investments through real estate investments with a return of approximately 7% annually, investing in sukuk with an average return of 4%, and investing in associate companies with a return of 25.5%, which was positively reflected on providing attractive returns to shareholders.
CEO Fadi Nabih Al-Khatib indicated that written contributions for the 2021 fiscal year amounted to KWD 5.4 million, compared to KWD 4.1 million in 2020, up by KWD 1.3 million or 32.26%.
He added that the risk profile was based on sold insurance foundation, reflecting positive results in 2021, which led to a reduction in risks that negatively affected reinsurance agreements in the past, especially in the field of fire insurance. Consequently, a good insurance surplus was achieved after accurate and conservative actuarial calculations of provisions and technical reserves.
The company’s general assembly endorsed the election of the board of directors for the next three years, and they are:
- Osama Jawad Bukhamseen, Chairman of the Board of Directors.
- Saleh Suleiman Al-Trad as Vice Chairman of the Board of Directors
- Jassim Abdullah Jassim Al-Abd Al-Hadi (Member)
- Abdullah Abdulrahman Abdullah Al-Asousi, Member of the Board of Directors
- Meshary Mansour Yousef Al Nashet, Member of the Board of Directors