Thursday , March 30 2023

Bahrain Kuwait Insurance Company Announces 9-Month Financial Results Closed September 30


– Al Rayes: The company is still the market leader and is constantly looking for development.


Bahrain Kuwait Insurance Company BSC – BKIC.BH and KSE: BK Insurance – Financial results for the period ended September 30, 2018. The company achieved net income attributable to parent company's shareholders during the first nine months of 2.81, an increase of 21% compared to the previous year's 2.33 million, BD recorded net profit of $ 18.4 million during the past nine months, BD of the same period last year In terms of premium imports, the company has increased by 147% to 23% over the same period last year for the first nine months of this year, an increase of 49.9 million Bahraini Dinar compared to Bahrain Dinar at 41.9 million.

Net investment income increased 28 percent to $ 1.8 million during the first nine months of this year, from $ 1.4 million in the first nine months of the year. Earnings per share for the current period was 20 fils compared to 33 fils for the same period last year and the company's paid capital doubled from the first nine months of last year to BD 14.3 million through the distribution of bonus shares.

The increase in net income for the year ended September 30, 2018 is attributable to improved subscription income and an increase in net investment income.

The total assets of the Company, which ended on September 30, 2018, were BD179 million, an increase of 4% over BD 172 million in the same period last year, while equity capital of the year increased 37% to BD 375 million over the same period of last year.

Technology holdings increased from BD 26.5 million at the end of last year to 30.8 million BD at the end of the current period.

For the three months ended September 30, 2018, the parent company's net income attributable to its shareholders was BD1.12 million, which recorded a net profit of BD 644 ceiling in the third quarter, A decrease of 39% compared to 10.5 million. In terms of total premium income, it increased 29% from BD 11.3 million to BD 1460 million in the third quarter of this year. Winnie. Net investment income rose 115% to BD 770,000 in the third quarter of this year from 312,000 in the third quarter of this year. Earnings per share for the third quarter were 8 fils per share, which was 17 fils per share for the third quarter of last year.

The decrease in net income for the three months ended September 30, 2018 compared to the same period of the previous year was due to net charge increase and lower technical gains due to higher administrative and general costs and lower net commission income.

In addition to customer support and trust in the services provided by the company, the Board of Directors ensures that partners can cooperate and continue to support their employees due to the diligent efforts of their executives and all employees of the company, In order to develop the business, the company will continue to do its best for the future.

CEO Ibrahim Al Rayes said, "We continue to be at the forefront of the Bahrain insurance market and are constantly developing services to maintain our competitive edge in the market."

The company recently highlighted the importance of introducing technology to the company's business, hoping to see results better by the end of the year, and launched a smart application that allows customers to access insurance services via their mobile phones. "The company reflects the financial strength of the company to meet its future obligations with a stable outlook, which is the highest credit rating obtained by local direct insurers in Bahrain with excellent credit ratings (A-).

The Kuwait Insurance Company is a subsidiary of the Gulf Insurance Group, Kuwait's largest insurance group in terms of premiums created and maintained through life, general and takaplop insurances. Gulf Insurance is one of the largest insurance groups in the Middle East and North Africa. It owns companies in Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Iraq, Bahrain, UAE, Algeria, Turkey and Kuwait.

KIPCO is the largest shareholder of the Gulf Insurance Group and is followed by Canadian Fairfax Financial Holdings.

The company notes that financial statements for periods and press releases are available on the Bahrain Stock Exchange and the Kuwait Stock Exchange.

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