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Annual Report 2015

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Annual Report 2015 1 3 Contents 4 Chairman's Report 9 Management Discussion and Analysis Report 12 Auditor's Report on Corporate Governance 16 Report on Corporate Governance 17 Shari'ah Supervisory Board's Report 26 Auditor's Report to shareholders 27 Statement of Financial Position 30 Statement of Participants' Revenue and Expenses 33 Statement of Comprehensive Income 35 Statement of Changes in Equity 36 Statement of Cash Flows 39 Notes to the Financial Statements 41 5 Board of Directors 6 Shari'ah Board Members 7 Management Team 8 Chairman's Report 9 in over all claims experience from 60% to 71%. The management has taken corrective measures and its positive impact will be evident in 2016. This will help in getting Policyholder’s Fund back in surplus in the current year. As a leader in the Takaful industry in Oman, it has been both an opportunity and a challenge for your company to propel growth and continue to gain share of the market. After a period of high growth, the Oman insurance industry is now in the realm of steady performance in 2015. While the market is registering growth, the relative growth in revenues continues to be impacted by several factors such as the increase in the number of players and the resultant over capacity, the competitive nature of the business, and the overwhelming challenges in the larger economic and fiscal context. Dear Shareholders, The momentum that we gained in 2014 was quickly contested by the steady decline in oil prices and its negative impact on the overall fiscal environment as the year unfolded. Our preparedness for the situation May the Peace, Mercy and Blessing of Allah be with and our philosophy of looking at every challenge as you. an opportunity helped us to consolidate our position, On behalf of the Board of Directors, and Management and look at new ways to deliver success. team of Al Madina Insurance Co, I am pleased to The year saw us to continue to inspire our customers, present to you a report on the detailed financial year business partners and stakeholders with our 2015. innovative approach towards growth of businesses, overall profitability and strengthening the presence of The 2015 financial results delivered by your Company Takaful in the Sultanate. reflect our intent, capacity and expectations and The company launched mInsurance: Oman’s first I believe that the company is steadily poised to mobile app for Insurance, supported by a dedicated continue to reward both you as shareholders and as 24/7 Call Center. It is a matter of pride that the software policyholders (customers) as we go into the future. backbone for our digital offerings are developed in-house at Al Madina, under the name ‘Tameenet’. The growth in gross contribution was over 34%. The Company had to take a onetime impairment in We also recognized the increasing need for us to be respect of its investment in National Takaful Company closer to our customers prompting us to arrive at a (Watania) in UAE which has resulted in lower profit for strategic model of adopting kiosks at malls, placing 2015. us in the everyday lives of our customers. The management in Watania has taken steps to We continued our partnership with corporate Oman improve its performance and synergies in the by conducting workshops with key clients and operations of both the companies will help in reducing collaborating with them to develop bespoke Takaful cost and increasing profitability. Due to increase in solutions for their needs, whilst enabling them to get legal awards our motor portfolio experienced a slight an understanding of Takaful and its principles. setback this year. It also contributed to the increase Among the many initiatives that we engaged with the 10 community, our presence at the students’ career fair Takaful industry in Oman is a consolidated effort stands out as it served well to increase the awareness of all stakeholders. We particularly recognize the of Takaful amongst the young audience. continuous support of the CMA and their committed We also continued to build on the success of ‘Connect’ people. our internal newsletter, which has grown from being As a testimony to our leadership position and strong an information tool to one that helps us engage with governance, we proudly received two coveted all stakeholders, form employees, customers, to recognitions. Al Madina Takaful was named ‘General regulators and media and increase the awareness for Takaful Company of the Year’ at the 2nd Middle East Takaful. Insurance Industry Awards 2015 which attracted The year also saw us initiate a series of internal email close to 280 nominations in different categories from campaigns for employee well-being and awareness across the region. In quick succession, we were at the workplace, contributing to our healthy people named the ‘Oman Insurer of the Year’ at the MENAIR and HR strategy. Insurance Awards 2016, which was even more special As you will know, the global economy, and especially to us as it was heavily contested by both Takaful the region, continues to reel under the steady decline and conventional insurance providers operating in of oil prices. It is important to recognise that the Oman. Al Madina Takaful was named finalist in three situation is here to stay, and the recovery will be slow. categories and was the only insurance company As a result, Government spending in the economy is from Oman, both local and global, to be recognized expected to be considerably lower which will have at this year’s MENAIR Awards programme. Oman is negative impact on growth. a relatively new entrant into the world of Takaful, and securing these awards in the nascent stages of the Adverse as it may sound, at Al Madina we have industry will give all the players confidence and the always remained optimistic about our approach. I encouragement to go further. believe that cyclical downturns is a time to introspect, On behalf of the Board of Directors, I take this becoming more focused, disciplined and look out for opportunity to thank the Insurance community, both in opportunities. Oman and overseas, for the confidence reposed in the Becoming more cost efficient, enhancing our focus on company. I would also like to thank the Management customer service, retaining our talented employees Team and all our employees for their dedication and are some of the ways in which we can come out of commitment to press ahead amid the challenging situation to reach higher levels of excellence. these challenging conditions tougher, smarter and profitable. The Board of Directors is deeply grateful to His Majesty Innovation has never been more important to Sultan Qaboos Bin Said for his vision and guidance, organistions, and we need to work in synergy in the which has helped the country along its path of growth areas of finding newer segments such as the growing and prosperity. SME base, product development, distribution and leveraging technology to elevate our levels of service to customers. May the Peace, Mercy and Blessing of Allah be with With businesses becoming more cautious, insurance you. May God Bless you all. will occupy a bigger role in the economy and the changing regulations will mean companies that are better managed and are financially strong will have a key advantage going into the future. Our successful journey as the flagbearer of the Dr. Mohammed Ali Al Barwani Chairman of the Board 11 Management Discussion & Analysis Report for the financial year ended 31 December 2015 12 INTRODUCTION by 38%. On an average we have experienced 20% The oil prices, which started falling in the last quarter reductions from the expiring premium rates. of 2014, had a slowdown effect on Oman’s economy in 2015. The GDP has fallen down by around 15% The crowning glory for Al Madina in 2015 was winning in 2015 as compared to the previous year. The the coveted awards of being the General Takaful contribution by Petroleum sector has fallen by around Company of the year in the Middle East, by Middle 40%. While the contribution from the crude oil has East Insurance Review and Oman Insurer of the Year dropped by 42% the natural gas has posted a rise by MENA Insurance Review. In a short span of 9 years of 20% over the previous year. Construction has since its inception to be recognized as the leader in its shown an increase of 8%. As a result there was heavy business segment and the market is an accolade that pressure on corporates to reduce the costs. This aided all its members can be proud of. These awards will with softening of reinsurance market in the region as also motivate the company to raise its performance well as globally has resulted into steep reductions bar few notches higher and continue to set innovative in premium rates in the Corporate Sector. The retail trends in fulfilling its vision of being the leading Takaful sector felt the pinch as well with consumer finance company in the region. slowing down on lending and new car sales was down The absence of Takaful law and regulations continue to challenge the industry but support received from Capital Market Authority has been very positive. OPERATIONAL PERFORMANCE General Family (in OMR ‘000) Shareholders Consolidated Takaful Takaful 2015 2014 Gross Written Contributions - 29,062 1,983 31,045 23,114 Net Retained Contributions - 12,443 517 12,960 12,898 Net Earned Contributions - 12,451 492 12,943 10,934 Net Claims Incurred (8,833) (217) (9,051) (6,233) Provision for bad and doubtful debt (159) -- (159) (23) Surplus from Takaful Operations 3,296 172 3,468 4,152 before Wakala Fees - Investment income 570 91 1 662 776 Loss on AFS Investment* (773) (773) -- Wakala Fees 5,176 (4,779) (397) -- -- Mudaraba Fee 64 (63) (1) -- -- Other Income 1 - - 1 11 General and administrative (4,141) - - (4,141) (3,707) expenses Policy Holder Surplus / Deficit - (1,457) (224) (1,681) 6 Profit before tax 897 -- -- 897 1,227 (Tax) / Refundable tax (69) - - (69) (210) Profit after tax 828 -- -- 828 1,017 Earnings per share (in Baiza) 0.005 - - 0.005 0.006 Book value per share (in Baiza) 0.129 - - 0.129 0.120 * Note: The loss on AFS pertains to Company’s investment in National Takaful Company (Watania) BUSINESS bulk of it was driven by medical insurance.
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