BKIC quarterly profit increases 11.2%

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Helped by significant improvement in underwriting and net investment income, Bahrain Kuwait Insurance Company reported a profit, which rose 11.2% in the first quarter of the current year. Net profit attributable to the shareholders was BD 0.950 million compared to BD 0.854 m for the same period last year, representing an increase of 11.2%.

Earnings per share remained at 6 fils during the first quarter of the current year and in the same period, last year taking into consideration the recent increase in capital said BKIC.

The total comprehensive income attributable to the shareholders reached BD 1.04 m in Q1-2021 compared to a comprehensive loss BD 0.987 m in Q1-2020. The company achieved 17.2% growth in gross premium revenue from BD 21.02 m to BD 24.63 m in the 1st quarter of the current year.

The underwriting profits increased by 32.7%, from BD 0.591 m to BD 0.784 m in the first quarter of the current year

. The net investment income increased by 10%, from BD 0.522 m to BD 0.574 m in the first quarter of the current year. The total shareholders’ equity at the end of March 2021 was BD 38.51 m compared to BD 39.61 m at the end of last year, representing a decrease of 2.8% due to proposed dividends. The net technical reserves increased from BD 36 m at the end of the last year to BD 40.61 m at the end of the current period.

Dr Abdulla Sultan, BKIC’s CEO emphasized that the company’s consolidated results in the 1st quarter of 2021 were pleasing. Both top-line and bottom-line growth in these unprecedented conditions is quite an achievement. The company also announce launching a first of its kind “Insurance via instalments” product in Bahrain, with its partner Bank of Bahrain & Kuwait (BBK).