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May 17, 2017
Bahrain Kuwait Insurance Company Board approved the financial results of the company for the period ended 31st March 2017 in its meeting held on Thursday, 11th May 2017.The Board informed that the company registered a Net Profit of BD 503,845 in the first quarter of this year compared to BD 967,712 in the first quarter of last year. The reduction was mainly due to the increased claims in fire, medical and marine insurances in Bahrain and Kuwait and also due to the increase in unearned premium reserves in motor insurance. On the other hand, the net income from investment increased by 118%, from BD 325,137 in first quarter of last year to BD 708,640 in first quarter of this year. The earnings per share at the end of the current period is 7 fils compared to 14 fils in the same period of last year. Return on equity was 1.55% compared with 2.98% in the same period of last year. Net technical reserves rose from BD 13.1 million at the end of the previous year to BD 15. 7million at the end of the current period.Mr. Ebrahim Al Rayes, Chief Executive Officer said that the company has achieved a 7% growth in gross premium revenue, from BD 10.6 million in the first quarter of last year to BD 11.4 million in the same period of this year. He also said that the company is still maintaining its leadership positon in Bahrain market and seeking to develop products and services to maintain its competitive position in both Bahrain and Kuwait. He also hoped that the results would improve in the coming period as 1st Qtr. 2017 was affected by unexpected increase in claims.