BKIC announces quarterly, nine-month results

Bahrain Kuwait Insurance Company (BKIC) yesterday announced its third-quarter results which the company said was hurt by increases in reserves, general and admin expenses and additional impairment on investments.

The company, Ebrahim Al Rayes, Chief Executive Officer, said, is currently developing the business of the next three years by implementing a digital transformation strategy.

For the three months ended 30th September 2019, BKIC’s net profit attributable to the shareholders was BD 659 thousand compared to BD 1.12 million in the year-ago quarter, with a decrease of 41 per cent. Earnings per share were 5 fils compared to 8 fils in the 3rd quarter of last year.

Underwriting profits was BD 569,000, compared to BD 644,000 in the 3rd quarter of last year, with a decrease of 12pc. Gross premium revenue decreased slightly by less than 1pc from BD 14.6m to BD 14.5m.

Total comprehensive income attributable to the shareholders reached BD 1m compared to BD 483,000 in Q3-2018, registering an increase of 109pc. The net income from investment decreased by 47pc, from BD 670,000 in the 3rd quarter of last year to BD 356,000 in the 3rd quarter of this year.