BKIC announces nine months profit exceeding BD4 million

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Email: mail@newsobahrain.com

Bahrain Kuwait Insurance Company (BKIC) announced its consolidated financial results for the nine months ended 30th September 2024.

Q3 results

The company reported q3 net profit attributable to the shareholders of BD 1.064 million compared to BD 1.183 million for the same period last year. Earnings per share were 7 fils compared to 8 fils for the same period of last year.

The decrease in results within the current quarter compared to the same period last year is mainly attributed to enhancements in the actuarial model assumptions as per the requirements of IFRS 17 followed by reductions in the discount rates applied.

These adjustments have led to a one-time exceptional decrease in profit. The total comprehensive income attributable to the shareholders reached BD 2.177 million compared to BD 0.856 million for the quarter Q3-2023, registering an increase of 154%.

The increase was mainly due to increased fair value gains recorded in the 3rd quarter 2024 compared to the same period in 2023.

The Company achieved 3.5% growth in Insurance revenue, from BD 28.267 million in the 3rd quarter of last year to BD 29.249 million in the 3rd quarter of the current year.

The Insurance service results decreased by 61%, from BD 1.032 million in the 3rd quarter of last year to BD 0.404 million in the 3rd quarter of the current year.

The Total investment income increased by 3.3%, from BD 0.891 million in the 3rd quarter of last year to BD 0.920 million in the 3rd quarter of the current year.

Nine months results

The consolidated financial results for the nine-month period ended 30th September 2024 presented a net profit attributable to the shareholders of BD 4.002 million, compared to BD 3.962 million of the same period last year, representing an increase of 1%.

Earnings per share were 27 fils during the current period which remained unchanged for the same period last year.

The total comprehensive income attributable to the shareholders was BD 4.420 million compared to BD 3.387 million for the same period last year, registering an increase of 30.5%.

The company achieved 7% growth in Insurance revenue of BD 85.907 million during the nine months of this year, compared to BD 80.222 million in the first nine months of last year.

The Insurance service result decreased by 13.5%, to BD 2.608 million in the nine months of this year compared to BD 3.016 million in the same period last year. The net investment income decreased by 1%, from BD 3.450 million in the nine months of last year to BD 3.415 million in the same period of this year.

BKIC’s CEO Dr. Abdulla Sultan commented that the company’s consolidated results in the first nine months of 2024 are satisfying. He commented that in spite of the adverse effects of change in actuarial assumptions the company recorded marginally increased net profit attributable to shareholders.