Bahrain Kuwait Insurance Company reports profit

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Kuwait Insurance Company reported quarterly and nine-month profits, which the company said was mainly due to significant improvement in net investment income, despite market challenges. Dr Abdulla Sultan, BKIC’s Chief Executive Officer said, “The company’s consolidated results at the end of the nine months of this year were encouraging despite our efforts to continue in prudently strengthening our reserves.

Q3 results

Quarterly net profit attributable to the shareholders rose 4% to BD 0.846 million from BD 0.813 m in the year-ago quarter.

Earnings per share were 6 fils compared to 5 fils for the same period of last year.

Total comprehensive income attributable to the shareholders jumped 128% to BD 0.597 m from BD 0.262 m in Q3-2021.

Gross premium revenues grew 2% to BD 18.468 m from BD 18.084 m in the same ening of reserves and long-term performance taking into consideration current market challenges across the worlfit attributable to the shareholders increased 8% to BD 3.501 m from BD 3.248 m in the year-ago period.

Earnings per share were 23 fils compared to 22 fils in the same period last year. BKIC attributed the increase in net profit mainly to the significant improvement in net investment income, driven by the company’s strategy to improve investments position, strengthd which led to realizing investment proceeds.

Total comprehensive income attributable to the shareholders dropped 50.4% to BD 1.529 m from BD 3.084 m in the year-earlier period, due to the liquidation of some investments which led to realizing gains, in addition to the reduction in fair values of other investments.

Gross premium revenue rose 13% to BD 71.178 m from BD 63.011 m in the prior-year period.

The underwriting profits decreased 21%, to BD 2.385 m from BD 3.024 m in the nine months of last year, mainly as the company has further bolstered its reserves to address the impact of economic inflation.

The net investment income increased 86% to BD 2.666 m from BD 1.435 m in the year-earlier period.

Nine-month results

Net technical reserves increased from BD 41.455 million at the end of the previous year to BD 48.390 million at the end of the current year registering an increase of 17%.

Commenting on the company’s results, the Board of Directors expressed their satisfaction stating, “The Board is pleased to announce the positive results for the nine months of 2022.

The Board is pleased with the continuous conservative approach in increasing the company’s technical reserves prudently, which will allow the company to surf the waves of future uncertainties.

The Board is very optimistic about the trend of the year end 2022 results.”