BKIC achieves a Net Profit of BD 2.23 million

13/11/2017 06:12 AST

Bahrain Kuwait Insurance Company's Board has approved the financial results of the company for the period ended 30 September 2017. It should be noted that the company started from the second quarter of this year to prepare the consolidated financial statements after the acquisition of 67.28% of Takaful International Company.

The Board informed that the Company achieved a net profit of BD 2.3 million compared with BD 2.6 million in the same period last year. For the three months ended 30 September 2017, net profit was BD 1.2For the three months ended 30 September 2017, net profit was BD 1.2 million compared to BD 347 thousand in the same period in 2016. The technical profit amounted to BD 1.1 million in 2017 compared to BD 315 thousand in the year 2016. The investment net income increased to BD 312 thousand in 3rd quarter of 2017 from BD 212 thousand in the same period of 2016.

The earnings per share at the end of the current period stood at 33 fills compared to 37 fills in the same period of last year. Return on equity was 6.8% compared with 7.8% in the same period last year, and net technical reserves rose significantly from BD 13.1 million at the end of the previous year to BD 27.5 million at the end of the current period. The company's assets also rose from BD 101 million at the end of last year to 179 million at the end of 3rdquarter of this year.

Mr. Ebrahim Al Rayes, Chief Executive Officer of the company said after acquiring 67.28% of Takaful International, its total premiums increased by 38% from BD 30.4 million at the end of the 3rd quarter of last year to BD 41.9 million in the same period of this year, confirming its market leadership in Bahrain in terms of premium size. It continues to maintain its leadership position and seeks to develop its services to maintain its competitive position in the Bahraini and Kuwaiti markets and hopes that the results will improve by the end of the year.

He said that A.M. Best after a periodic review of the company's business, affirmed A-Excellent raiting with a stable outlook, the highest rating in Bahrain to be awarded to a direct insurer, reflecting the financial strength of the company to meet its future obligations.

It is worth mentioning that BKIC is a subsidiary of Gulf Insurance Group (GIG) which is the largest insurance Group in Kuwait in terms of written and retained premiums, with operation in life and non-life as well as Takaful insurance. Gulf Insurance has become one of the largest insurance networks in the Middle East and North Africa with companies in KSA, Jordan, Lebanon, Syria, Egypt, Algeria, Iraq, Bahrain, Emirates, Turkey and Kuwait. Its reported consolidated assets stands at US$ 1.8 billion as at 30 September 2017.

KIPCO - Kuwait Projects Company - is Gulf Insurance Group's largest shareholder, followed by the Canadian-based Fairfax Financial Holding Ltd.

that the gross premium revenue recorded a good growth by 42% from BD 21.56 million in the first half of last year to BD 30.64 million in the first half of this year. This growth was contributed from acquisition of Takaful International and also from the customer confidence in the company as a leading company in Bahrain market. He also hopes that the coming period would be better for the company in terms of production and profitability.

Customers now can avail insurance services at any time and at various locations in Bahrain. The customers can purchase personal line insurances or renew them through the website or through the company's branches located in Arad, Manama, Riffa and Salmabad in addition to Saar Mall branch. They can also buy their personal line products through all the branches of Bank of Bahrain and Kuwait spread across Bahrain.

Biz Bahrain