Bahrain Kuwait Insurance Company reports ‘historical record’ revenue and net profit

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Bahrain Kuwait Insurance Company announced recording a “historical record” profit since its inception for the full year 2022.

The company also recorded the highest Gross Premium for a local listed Bahraini (direct) Insurance company in 2022.

BKIC attributed the increase mainly to the significant improvement in net investment income, driven by the company’s strategy to improve investments position, strengthening of reserves and long-term performance taking into consideration upcoming markets challenges which led to selling and reducing some of the company’s fixed income assets to reduce the portfolio duration.

The Board of directors also decided to propose to distribute Cash dividend: 25% equivalent to 25 fils per share amounting to BD 3,734,461 (Excluding the treasury shares).

Q4 results

Fourth quarter net profit attributable to the shareholders of BD 1.247 mio compared to a net profit of BD 0.904 mio during the same period of the previous year, reflecting a 38% increase.

Earnings per share was 8 fils compared to 6 fils in the same period of the previous year.

The total comprehensive income attributable to shareholders increased by 125% from BD 0.902 mio in 4th quarter 2021 to BD 2.032 mio in the same period of the current year.

The gross premium revenue increased by 11 % from BD 29.708 mio to BD 33.084 mio in the same period of the current year.

The underwriting profit decreased by 1%, from BD 1.442 mio in 2021 to BD 1.426 mio in the 4th quarter of the current year.

The net investment income increased by 8%, from BD 0.354 mio to BD 0.382 mio in the 4th quarter of the current year.

Full-year results

Full-year net profit was BD 4.748 mio attributable to shareholders, compared to BD 4.152 mio in the previous year, registering an increase of 14%.

It is worth mentioning that this profit is a historical record for the company since its inception.

The Earnings per share was 32 fils compared to 28 fils in the previous year.

The total comprehensive income attributable to shareholder’s reduced by 11% to reach BD 3.560 mio in 2022 compared to BD 3.986 mio in 2021.

The gross premium revenue stood at BD 104.262 mio, at the end of the current year compared to BD 92.719 mio in the previous year, recording a growth of 12%.

The underwriting profit during the current year stood at BD 3.811 mio, compared to BD 4.466 mio in the previous year, recording a decrease of 15%.

The net investment income increased by 70%, from BD 1.789 mio in 2021 to BD 3.048 mio in the current year.

The company’s CEO, Dr. Abdulla Sultan, confirmed that GIG Bahrain’s consolidated full year 2022 Financial results were not only in line with the budgetary provisions, but the figures hit the record by surpassing the historically highest Gross Written Premium revenue for a local listed Bahraini (direct) Insurance company, crossing BD 100mio.

This was also supported by the company achieving historical net profits since its inception.