BKIC Q3 net profit jump 18.1pc

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Kuwait Insurance Company (BKIC) reported an 18.1 per cent increase in third quarter net profit attributable to the shareholders of BD 0.778 million compared to BD 0.659 m for the same period last year helped mainly by a 47.3pc jump in underwriting profits.

Earnings per share were 5 fils, equivalent to the third quarter of last year.

Total comprehensive income attributable to the shareholders reached BD 0.991 m in Q3-2020 compared to BD 1.01 m in Q3-2019, registering a decrease of 1.8pc.

The company achieved 25pc growth in gross premium revenue from BD 14.6 m in the 3rd quarter of last year to BD 18.2 m in the third quarter of the current year.

The underwriting profits increased by 47.3pc, from BD 0.569 m to BD 0.838 m in the third quarter of the current year. The net investment income increased by 64.1pc to BD 0.550 m from BD 0.335 m in the year-ago quarter.

Nine-month results

For the nine-month period, the company achieved a net profit attributable to the shareholders of BD 3.1 m, compared to BD 2.7 m of the same period last year, representing an increase of 13pc.

Earnings per share were 22 fils compared to 19 fils of the same period last year.

The total comprehensive in- come attributable to the shareholders reached BD 2.96 m during the current period compared to BD 3.05 m of the same period last year, registering a decrease of 3pc.

The company achieved 15pc growth in gross premium revenue from BD 48.9 m in the first nine months of last year to BD 56.2 m of the same period this year. The underwriting prof- its increased by 24pc, from BD 2.1 m in the first nine months of m last year to BD 2.6 m of the same period this year. The net investment income declined by 15pc, from BD 1.9 m in the first half of last year to BD 1.6 m in the first half of this year due to the increase in impairment provisions which amounted to BD 0.784 m in the first half of the current year as against only BD 0.274 m for the same period last year.

The increase in the net profit for the nine months ended September 30 compared to the same period last year is mainly due to the significant improvement in underwriting which is the company’s core business.