The Management of Al Madina Insurance Company SAOG is pleased to announce the preliminary unaudited financial results of the company for the year ended 31st December 2014.

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

Item

Shareholders

General Takaful

Family Takaful

Consolidated

31-Dec-14

31-Dec-13

Gross Contributions

                              -  

          21,579,879

         1,534,675

         23,114,554

           17,697,697

Net Retained Contributions

                              -  

          12,461,668

            435,954

         12,897,623

             8,503,910

Net Earned Contributions

                              -  

          10,546,173

            387,572

         10,933,745

             7,989,352

Net Claims Incurred

                              -  

           (6,040,154)

          (192,588)

          (6,232,742)

            (4,509,655)

Surplus from Takaful Operations before Wakala Fees

                              -  

            4,066,377

            111,594

           4,177,971

             3,142,316

Investment Income

                    698,328

                 90,149

                1,988

              790,465

             1,694,585

Wakala Fees

                 4,160,620

                         -  

                      -  

           4,160,620

 -

Mudharib Fee

                      69,103

                (67,612)

              (1,491)

                        -  

 -

Net Profit and Surplus for the year ( before Tax)

                 1,233,155

               204,536

          (164,150)

           1,273,541

             1,860,540

Provision for tax *

                  (212,955)

                         -  

                      -  

             (212,955)

                484,361

Net Profit and Surplus for the year ( after Tax)

                 1,020,200

               204,536

          (164,150)

           1,060,586

             2,344,901

* In the FY 2013 the company made a provision for deferred tax asset