Takaful Re Limited (TRL) has reported net profits of $11.6 million in 2007 compared to $1.3 million in 2006. 

From the second year of operation, TRL’s Board of Directors has recommended a cash dividend of 5 per cent on the company’s paid-up capital ($0.05 per share). The dividend remains subject to approval by the company’s annual general meeting to be held on March 25, 2008, the company said in a statement.

Gross contributions increased by 35 per cent to $20.34 million in 2007 from $15.05 million in 2006; in a very competitive market, it added.

The total investment earnings increased in 2007 to $11.8 million from $5.4 million in 2006; the average rate of return on investments was 9.1  per cent despite the volatility of the regional markets.

“The continuous support of our Takaful and cooperative partners, and shareholders was the main driver in achieving this outstanding results,” said Takaful Re’s chairman Khalid Al Bustani.

Shareholders’ equity stood at $138.2 million and the book value per share was $1.11 at the end of December 2007, the company said. – TradeArabia News Service