Bahrain Kuwait Insurance Company posts net profit exceeding BD 5 million

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Bahrain Kuwait Insurance Company (BKIC) reported fourth quarter and Full year 2023 profits as revenue from insurance grew.

Additionally, the Board of Directors has proposed to distribute a cash dividend equivalent to 25% (25 fils per share), totaling BD 3,726,095, excluding treasury shares.

Fourth quarter

Quarterly net profit attributable to the shareholders was BD 1.043 mio compared to BD 1.162 mio (restated) for the same period last year, representing a decrease of 10%.

These figures are based on the new accounting standards, IFRS17, which the company has successfully adopted, making it the first company in Bahrain to do so.

The financial results for 2023, based on the new IFRS17 standards, indicate a decline compared to last year’s restated results.

This decline is primarily attributed to changes in accounting assumptions which resulted in a one-time exceptional increase in 2022 restated results.

Earnings per share were 7 fils compared to 8 fils (restated) for the same period of last year.

The total comprehensive income attributable to the shareholders reached BD 2.201 mio compared to BD 1.899 mio in Q4-2022, registering an increase of 16%.

The increase was mainly due to increased fair value gains recorded in the 4th quarter 2023 compared to the same period in 2022.

The Company achieved 11% growth in Insurance revenue, from BD 26.886 mio to BD 29.888 mio in the 4th quarter of the current year.

The Insurance service results decreased by 74%, from BD 1.111 mio in the 4th quarter of last year to BD 0.291 mio in the 4th quarter of the current year.

The Total investment income increased by 180%, from BD 0.382 mio in the 4th quarter of last year to BD 1.070 mio in the 4th quarter of the current year.

Full year

Full year 2023 net profit attributable to the shareholders was BD 5.005 mio, compared to BD 5.684 mio (restated) of the same period last year, representing a decrease of 12%.

Earnings per share were 34 fils compared to 38 fils (restated) of the same period last year.

The total comprehensive income attributable to the shareholders was BD 5.588 mio compared to BD 4.488 mio for the same period last year, registering an increase of 24%.

The company achieved 3% growth in gross written premium of BD 107.673 mio during this year, compared to BD 104.262 mio in the last year.

Insurance revenue increased by 8% from BD 101.926 in the last year to BD 109.988 mio in the current year. The Insurance service result decreased by 28%, from BD 3.307 mio in this year compared to BD 4.622 mio (restated) in the last year.

The net investment income increased by 50%, from BD 3.048 mio in the last year to BD 4.575 mio in this year.

The company’s CEO, Dr. Abdulla Sultan, confirmed that the company has performed extremely well in 2023 exploiting prolific operational endeavors which focused on enhanced underwriting, diversified distribution channels, spurred productivity & efficiency, and a prompt dedicated customer service base.