Bahrain Kuwait Insurance Company announces 11% increase in Q1 profit

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Bahrain Kuwait Insurance Company (BKIC) announced that its profit for the first quarter of 2023 rose 11% from a year ago, helped mainly by improvement in insurance service results and investment income.

Net profit attributable to the shareholders of the company was BD 1.514 million compared to BD 1.358 m in the year-earlier quarter (reinstated), representing an increase of 11%.

Earnings per share was 11 fils compared to 9 fils for the same period last year.

The total comprehensive income attributable to the shareholders of the company rose 51% to BD 1.550 m from BD 1.029 m in Q1-2022, thanks to increasing fair value gains recorded in 1st quarter 2023 compared to the same period in 2022.

BKIC said its gross written premium rose 21% to BD 32.957 m, Insurance revenue increased 6% to BD 27.020 m, Insurance service result jumped 50% to BD 0.978 m and total investment income grew 35% to BD 1.055 m from the year-ago quarter.

The net Insurance contract liabilities increased from BD 56.232 m at the end of the last year to BD 56.533 m at the end of the current period.

The Board of Directors announced a potential change in the shareholding structure of the company’s Parent, Gulf Insurance Group, through the entry of its major shareholders, Kuwait Projects Company Holding (KIPCO) and FairFax Financial Holding Company Limited, into an agreement to sell the entire shares of KIPCO in the Gulf Insurance Group totaling 46.32% after obtaining the approvals of the competent regulatory authorities.

BKIC’s CEO Dr Abdulla Sultan said that achieving both topand bottom-line growth in unprecedented global conditions is a worthy accomplishment.

“In addition, witnessing improved Net Profits in all core streams of income: BKIC Bahrain, BKIC Kuwait and the Takaful International subsidiary is even more rewarding.”

The results are as per the new International Financial Reporting Standards (IFRS) 17 and 9 as mandated by the Central Bank of Bahrain.