Al Amanah Takaful Announces 2024 Net Profit of 3,745 Million TND, Up 46.4% Year-on-Year
Al Amanah Takaful, a specialist in Islamic insurance, announced yesterday a 2024 net profit of 3,745 million TND, representing a 46.4% increase year-on-year. The company's Wakala commissions reached 13,391 million TND, up from 11,592 million TND the previous year. Moudharaba commissions also saw a 20.3% increase, totaling 0.656 million TND.
Revenue Growth
In 2024, the company's revenue stood at 57,733 million TND, a 14.9% increase year-on-year. By branch, the general Takaful segment generated 45,842 million TND (+11.9% compared to 2023), while the family Takaful segment reached 11,891 million TND (+28.4% year-on-year).
Investment Products
Investment products (affecting the income statement) reached 1,636 million TND. The portfolio size stood at 105,340 million TND as of 2024, divided between 77,914 million TND belonging to policyholders and 27,426 million TND to the Takaful and/or Retakaful company.
Operating Result
The positive evolution of revenue, at a faster pace than that of expenses, allowed for an operating result before taxes of 5,049 million TND. As a reminder, the Family Takaful Fund (equivalent to the technical result of Life) almost doubled year-on-year, reaching 1,177 million TND. Meanwhile, the General Takaful Fund (equivalent to the technical result of Non-Life) showed a deficit of 0,615 million TND due to a second year of high indemnification (23,635 million TND).
Network and Growth Prospects
The insurer, which has joined the Al Barak fold, boasts a network of 5 direct offices, 46 insurance agents, and 26 brokers. With the development of further synergies with the parent bank, Al Amanah Takaful can grow at an accelerated pace, especially since shareholders are willing to invest if needed. Last year, a capital increase of 6,043 million TND was reserved for existing shareholders.
