August 4, 2013
Mr. Ebrahim Al Rayes - CEO of Bahrain Kuwait Insurance Company (BKIC) announced that the net profit of the Company as at 30th June 2013 increased by 34% (from BD 1.5 million at end of 1st half of last year to BD 2 million as at 30th June 2013). The net profit for the 2nd quarter of this year was BD 1.1 million compared to BD 588 thousand for the same period last year.
He also said that underwriting profit for the period amounted to BD 1.63 million compared with BD1.36million for the same period last year, i.e. with an increase of 19%. Income from investment increased by 74% (from BD 446,000 at 30th June 2012 to BD 777,000 at 30th June 2013).
He added that, despite the decline in the Gross premium revenue from BD19.1million to BD19million, gross earnings increased by 10% from BD6.7million in the 1st half of 2012 to BD7.3million in the 1st half of 2013.
The Shareholders' equity increased by 8% from BD 28.5 million to BD 30.9 million. Return on Shareholders' funds increased from 5.3% at the end of 1st half of 2012 to 6.5% for the same period this year. Earnings per Share stand at 28 fils as of end of June 2013 as compared to 21 fils as of end of June 2012.
Mr. Al-Rayes concluded that despite the severe competition in both Bahrain and Kuwait insurance markets, BKIC was able to achieve good results through its good reputation and the trust that it enjoys in both markets. He hoped that results will improve in the coming periods and that BKIC will maintain its lead position.
It is worth mentioning that Bahrain Kuwait Insurance works within the Kuwaiti Gulf Insurance Group which is owned by Kuwait Investment Projects Co. and Fairfax.