The Board of Directors of Takaful International Company B.S.C. (Trading Code: TAKAFUL) approved the financial results for the year ended 31st December 2023, which were presented in accordance with the new Financial Accounting Standards (FAS) 42, 43 and 30, issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) which are equivalent to the International Financial Reporting Standards IFRS17 and IFRS 9. Financial Result for the three months ended 31st December 2023 The net profit attributable to the shareholders for the three months ended 31st December 2023 was BD 264K compared to BD 213K for the same period last year, an increase of 24%, and a corresponding earnings per share of 3.11 Fils compared with 2.51 Fils for the same period last year. Total comprehensive income for the three months ended 31st December 2023 stood at BD 548K compared to BD 288K for the same period last year, an increase of 90%. The Company reported a total net profit of BD 363K for the fourth quarter 2023 compared to BD 255K for the same period last year with an increase of 42%, which is mainly attributed to higher performance of the participants’ takaful funds which achieved a surplus of BD 99K compared to BD 42K for the same period last year, with an increase of 136%. The shareholders’ fund reported a profit of BD 264K in the fourth quarter 2023 compared to a profit of BD 213K for the same period last year, an increase of 24%. Recognized takaful contributions were BD 6.1m in the fourth quarter 2023 compared to BD 6.2m for the same period last year, a decrease of 1%. The recognized takaful cost increased by 60% to BD 6.5m in the fourth quarter 2023 as compared to BD 4.1m for the same period last year. Financial Results for the year-end 31st December 2023 As for the results of the full year ended 31st December 2023, the net profit attributable to the shareholders was BD 937K compared to BD 858K last year, an increase of 9%, and a corresponding earnings per share at 11.03 Fils compared with 10.09 Fils last year. Total comprehensive income for the year ended 31st December 2023 stood at BD 969K compared to BD 762K last year, an increase of 27%. Net profit for the year ended 31st December 2023 was BD 1,513m compared to BD 1,253m last year with an increase of 21%, which is attributed to the improved performance of the shareholders’ fund which achieved a profit of BD 937K compared to BD 858K last year with an increase of 9%, and the improved performance of the participants’ takaful funds which achieved a surplus of BD 575K compared to a surplus of BD 395K last year, an increase of 46%. The Company registered recognized takaful contributions of BD 24.363m for the year ended 31st December 2023 compared to BD 23.994m last year, with an increase of 1.5%. Recognized takaful cost increased by 15% to BD 20.551m for the year ended 31st December 2023 as compared to BD 17,904m last year. The Company’s total equity attributable to the shareholders grew by 5% to BD 12.086m as of 31st December 2023 compared to BD 11.547m as of 31st December 2022. Total assets of the Company increased by 8% to BD 41.589m as of 31st December 2023 compared to BD 38.503m as of 31st December 2022. Statement of the Chairman of the Board of Directors Mr. Ebrahim Al-Rayes, Chairman of the Board, stated that the company’s financial results for the year 2023 came in line with the financial projections approved by the Board, and that the company was able to achieve good growth in income from insurance operations, especially the investment operations, which witnessed a noticeable improvement in the performance of shareholders’ and participants’ funds, as the company achieved a net investment income of BD 1,217m compared to BD 661K dinars for last year, an increase of 84%, out of which the company’s shareholders share was BD 595K and the participant’s funds share was BD 210K, which led to an improvement in shareholders’ income as well as the surplus of the participants’ funds, where the accumulated surplus of the participants’ funds reached BD 801K, compared to BD 182K last year. On a different note, and in light of the Board of Directors’ interest in integrating environmental, social, and governance (ESG) factors into the insurance sector, the company organized a conference on insurance sustainability and spreading awareness to integrate sustainability principles into the insurance sector last December. The Chairman of the Board of Directors indicated that the Board decided to submit a recommendation to the General Assembly to distribute cash dividends at the rate of 7.5% of the paid-up capital, which is equivalent to 7.5 Fils per share, totaling BD 637,500, subject to the approval of the shareholders in the upcoming annual general meeting. Mr. Essam Mohammed Al Ansari - CEO, commented on the company's financial results, explaining that these results reflect the company's ability to achieve financial stability despite the conditions in the insurance market, indicating that the company was able to maintain its credit rating of A- with a stable outlook from the international rating agency AM Best, which places the company on the top of the list of locally rated takaful companies. He added that the company is the first public company to announce the implementation of the new accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The Company has also launched its upgraded operating system, which is considered one of the best systems specialized in insurance and reinsurance operations and enjoys the trust of customers and all stakeholders, and that issuing insurance policies electronically has become something easy and available to everyone. The company was also able to achieve the award of the best work environment for the year 2023 from “The Great Place to Work®” Middle East Trust Index TM for the second year consecutively. This reflects the company's orientations and strategy towards job stability and security. The company has also launched a number of Islamic insurance covers, the latest of which was the (Maعa), which covers critical illness.