First Takaful Insurance (FTI)

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News

10 May 2020 02:57 PM First Takaful completes exit from Turkey’s Neova Sigorta

Mubasher: First Takaful Insurance (FTI) has completed all procedures to sell its 35% stake in Turkey’s Neova Sigorta Insurance Company, a sister company, for around KWD 12.14 million as per the exchange rate on the sale date.    The Kuwaiti …

Mergers and Acquisitions

11 February 2020 09:44 AM First Takaful predicts earnings from exiting Turkey’s Neova Sigorta

Mubasher: First Takaful Insurance (FTI) expects the proceeds from selling its 35% stake in Turkey’s Neova Sigorta Insurance Company to range from KWD 11.5 million to KWD 13.1 million. The transaction is likely to be completed in three to six …

Companies Investments

6 February 2020 09:42 AM First Takaful Insurance to sell stake in Turkish affiliate

Mubasher: First Takaful Insurance (FTI) signed a preliminary agreement to sell its stake in Neova Sigorta Insurance Company, a Turkish associate.   The Kuwaiti firm’s stake amounts to 35% of Neova Sigorta’s capital, according to a statement to the …

Companies Investments

13 November 2019 10:12 AM First Takaful Insurance’s profit plummets in Q3-19

Mubasher: First Takaful Insurance (FTI) has reported an 80.2% year-on-year profit decline during the third quarter of the fiscal year 2019. The company’s profit dropped to KWD 10,420 ($34,380) in Q3-19, compared to KWD 52,740 ($173,990) in the …

Financial Results

16 May 2019 03:09 PM First Takaful’s profit falls 27% in Q1

Mubasher: First Takaful Insurance (FTI) posted a 27.12% year-on-year drop in its profits for the first quarter of 2019. Net profits stood at KWD 317,240 ($1.05 million) in Q1-19, compared to KWD 435,330 ($1.43 million) in Q1-18, according to the …

Financial Results

11 October 2018 08:57 AM IFA’s Kuwaiti arm receives stake purchase offer in Turkish firm

Mubasher: First Takaful Insurance, a subsidiary of International Financial Advisors (IFA), on Thursday announced that one of its consultants in Turkey has received an offer to buy its 35% stake in Neova Sigorta in Turkey. The offer is subject to …

Mergers and Acquisitions

20 March 2018 04:57 PM First Takaful incurs losses in Q4; profits up 12% in FY17

Mubasher: First Takaful Insurance incurred a loss of KWD 1.12 million ($3.74 million) during the fourth quarter of 2017 against profits worth KWD 118,000 ($394,000) in the same period a year ago. During the fiscal year 2017, First Takaful achieved …

Financial Results

22 February 2018 09:20 AM First Takaful invests GBP 2m in London – CEO

Mubasher: The investment portfolio of First Takaful Insurance exists in the UK, Turkey, and Kuwait, the CEO of First Takaful, Hussain Attal, told CNBC Arabiya on Wednesday. First Takaful currently has investments with a local company in London at …

Companies Investments

6 November 2017 04:52 PM First Takaful Q3 profits up 369%

Mubasher: First Takaful Insurance (FTI) posted on Monday an increase in profits for the third quarter of the year by 369.4%, as shown by the company’s financial results. Profits reached KWD 622,000 ($2.06 million) in Q3-17, compared to around KWD …

Financial Results

7 August 2017 01:02 PM First Takaful names new chairman

Mubasher: First Takaful Insurance on 6 August has modified its board structure, appointing Hamed Mohamed Alaiban as its new chairman. Alaiban was named as a representative of Arzan Financial Group for Financing and Investment, according to a …

Management Decisions

1 August 2017 04:02 PM First Takaful Q2 profits up 53.45%

Mubasher: First Takaful Insurance achieved a growth of 53.45% in profits to about KWD 753,970 ($2.49 million) in the second quarter of 2017 compared to nearly KWD 491,350 ($1.62 million) in Q2-16. During the first six months of 2017, First Takaful …

Financial Results

2 May 2017 05:24 PM First Takaful Q1 profits surge 178%

Kuwait – Mubasher: First Takaful Insurance Company on Tuesday reported an increase of 178.4% in its profits for the first quarter of 2017, compared to Q1-16. The company’s profits stood at KWD 950,640 ($3.12 million) in Q1-17, compared to KWD …

Financial Results

28 March 2017 01:38 PM Kuwait insurance sector profits increase 0.11% in Q4

By: Eman Ghaly Kuwait – Mubasher: The financial statements of eight Kuwait-listed insurance companies revealed a 0.11% rise in the sector’s profits for the fourth quarter of 2016, compared to the same period in 2015. Profits reached KWD 6.153 …

Financial Results

12 March 2017 08:47 AM First Takaful Q4 financials turn profitable

Mubasher: First Takaful Insurance achieved profits worth KWD 118,000 ($385,300) during the fourth quarter of 2016 against a loss of KWD 1.1 million ($3.6 million) in the same period of 2015. During the fiscal year, the company recorded a profit of …

Financial Results

2 February 2017 09:45 AM First Takaful nods to merger proposal

Kuwait – Mubasher: First Takaful Insurance said that its board members approved a proposal of merging with a company, according to a bourse statement issue on Thursday. First Takaful is awaiting the other company’s approval for the merger in order …

Companies Investments

25 October 2016 01:51 PM First Takaful Insurance Q3 profit rises 165%

Kuwait – Mubasher: First Takaful Insurance reported on Tuesday a net profit of KWD 132,550 ($436,390) for the third quarter of fiscal 2016, 165.1% up from KWD 50,010 ($164,650) for Q3-15. Net profit for the first nine months of 2016 reached KWD …

Financial Results

18 September 2016 02:51 PM First Takaful files lawsuit against Warba Insurance

Kuwait – Mubasher: First Takaful Insurance Company filed a lawsuit against Warba Insurance, requesting the appointment of a consultant to liquidate the accounts between the two companies. The case will be reviewed by the court on 22 November 2016, …

Law

7 August 2016 03:52 PM First Takaful turns profitable in Q2

Kuwait - Mubasher: First Takaful Insurance Company posted on Sunday a net profit of KWD 491,350 ($1.63 million) for the second quarter of the fiscal year 2016, against net losses of KWD 221,534 ($732,780) for Q2-15. Net profit reached KWD 832,870 …

Financial Results

4 August 2016 00:07 PM First Takaful to discuss financials on 7 August

Kuwait - Mubasher: First Takaful Insurance Company’s board will meet on 7 August to discuss the financial results for the quarter ended 30 June 2016, according to a bourse filing issued on Thursday. The insurance company recorded a net profit of …

Event

9 March 2016 09:32 AM First Takaful sees higher losses in Q4

Kuwait-Mubasher: First Takaful Insurance registered a 522.5% increase in losses for the fourth quarter in 2015, the company said in a bourse statement. The company posted losses worth about 697,800 ($2.32 million) in Q4-15, compared to nearly KWD …

Financial Results

9 November 2015 09:00 AM First Takaful erases 98% of losses in 9M

Kuwait-Mubasher: Losses of First Takaful Insurance decreased as much as 97.6% to about KWD 134,500 ($442,900) in the first nine months of 2015, down from KWD 5.67 million ($18.7 million) in the same period of 2014. First Takaful noted in a bourse …

Financial Results

4 November 2015 10:00 AM First Takaful to review 9M financials 8 Nov

Kuwait-Mubasher: First Takaful Insurance will hold a board meeting on 8 November to discuss the financial statements for the nine months ended 30 September, 2015. The company had posted losses worth about KWD 184,550 in the first half of 2015, …

Event

19 August 2015 02:09 PM First Takaful H1 losses shrink by 97%

Kuwait – Mubasher: First Takaful Insurance Co. said, in a bourse filing Wednesday, its half-year losses were trimmed by 97%. The insurer logged KWD 184,550 ($608,430) losses for the first half of 2015, down from KWD 5.84 million ($19.25 million) …

3 August 2015 08:51 AM KFH changes stake in 2 firms

Kuwait Stock Exchange’s equity ownership showed changes in three listed companies, as Kuwait Finance House (KFH) increased its stake in A'ayan Leasing and Investment Company to 8.312% from 7.037%. Meanwhile, KFH decreased its stake in First …

25 June 2015 11:30 AM First Takaful Insurance approves dividend freeze

Written by: Ahmed Awad First Takaful Insurance (FTI) shareholders gave a nod to withholding a dividend payout for 2014 as part of their extraordinary general meeting on Wednesday. Meanwhile, shareholders endorsed cutting the company's capital from …

Corporate Actions