AMAT
The Board of Al Madina Insurance Company SAOG in their meeting held on the 23rd of December 2015 took the following decisions:
1) Approved the audited financial statements for the financial year ended 31th December 2014.
| Following are the highlights of the results (in OMR): |
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| Item |
Shareholders |
General Takaful |
Family Takaful |
Consolidated |
|
| 31-Dec-14 |
31-Dec-13 |
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| Gross Contributions |
- |
21,579,879 |
1,534,675 |
23,114,554 |
17,697,697 |
| Net Retained Contributions |
- |
12,461,666 |
435,954 |
12,897,620 |
8,503,910 |
| Net Earned Contributions |
- |
10,546,170 |
387,573 |
10,933,743 |
7,989,352 |
| Net Claims Incurred |
- |
(6,040,156) |
(192,588) |
(6,232,744) |
(4,509,655) |
| Surplus from Takaful Operations before Wakala Fees |
- |
4,043,813 |
108,595 |
4,152,408 |
3,142,316 |
| Investment Income |
692,841 |
81,277 |
1,988 |
776,106 |
1,694,585 |
| Wakala Fees |
4,160,620 |
(3,884,378) |
(276,242) |
- |
- |
| Mudharib Fee |
69,099 |
(67,608) |
(1,491) |
- |
- |
| Net Profit and Surplus for the year ( before Tax) |
1,226,816 |
173,104 |
(167,150) |
1,232,770 |
1,860,540 |
| Provision for tax * |
(210,248) |
- |
- |
(210,248) |
484,361 |
| Net Profit and Surplus for the year ( after Tax) |
1,016,568 |
173,104 |
(167,150) |
1,022,522 |
2,344,901 |
| * In the FY 2013 the company made a provision for deferred tax asset |
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