BKIC Q1 profit jumps 107pc

Manama : Bahrain Kuwait Insurance Company yesterday announced consolidated financial results for the first quarter of 2018 reporting a net profit of BD1.04 million compared to BD504 ,000 in the year’s earlier quarter.

“The first quarter of this year witnessed a marked improvement in the loss ratios in all branches compared to the first quarter of the previous year, which contributed to improving the technical results of the company,” said Ebrahim Al-Rayes, Chief Executive Officer. He also added that, in the second quarter of the year, the company, a subsidiary of Gulf Insurance Group (GIG), will be offering digital services to replace the traditional services through new applications designed specifically for their customers to make the service accessible to all.

Total consolidated premiums at the end of the first quarter of this year amounted to BD 16.9m compared to BD 11.4m (BKIC standalone) at the end of the first quarter of the previous year. Net income from investment dropped 2.5pc to BD 691,000 from BD 709,000 in the same quarter a year ago. Earnings  per share was 7 fils compared to same return (7fils) in the prior year period.

During the first quarter, the company’s paid-up capital increased from BD 7.15m in Q1 last year to BD 14.3m in Q1 this year. Authorised capital increased from BD 10m to BD 20m. The return on equity increased from 1.55% in Q1 last year to 3.08% in Q1 this year. The Technical reserves increased from BD 26.5m to BD 29.7m.