Bahrain Kuwait Insurance Company (BKIC) B.S.C.
(trading code in Bahrain Bourse “BKIC.BH” and in Boursa Kuwait “BKIKWT”) announced its
consolidated financial results for the three months ended 31st March
financial results presented a net profit attributable to the shareholders of BD
1.181 million compared to BD 0.950 million for the same period last year,
representing an increase of 24.3%. Earnings per share for the 1st
quarter of current year was 8 fils compared to 6 fils for the same period last
year. The total comprehensive income attributable to the shareholders reached
BD 0.857 million in Q1-2022 compared to BD 1.039 million in Q1-2021, registering
a decrease of 17.5%. The decrease was mainly due to reduced fair value gains
recorded in 1st quarter 2022 compared to the same period in 2021.
The company achieved 10.6%
growth in gross premium revenue from BD 24.625 million in the 1st quarter of
last year to BD 27.232 million in the 1st quarter of current year.
The underwriting profits increased by 2.8%, from BD 0.784 million in the 1st
quarter of last year to BD 0.806 million in the 1st quarter of
current year. The net investment income increased by 39%, from BD 0.563
million in the 1st quarter of last year to BD 0.783 million in the 1st
quarter of current year.
The increase in the net profit for the three months ended
31st March 2022 compared to the same period last year is mainly due
to the improvement in investment income as well as some improvement in
The total shareholders’ equity as end of March 2022 is BD
39.326 million compared to BD 41.457 million as end of last year, representing a decrease
of 5.1% mainly due to allocation towards proposed dividends. The total assets
by the end of March 2022 reached BD 212.020 million compared to BD 232.363
million as end of last year, representing a decrease of 8.8%. The net technical
reserves increased from BD 41.455 million at the end of the last year to BD 46.571
million at the end of the current period.
Upon concluding their review of the
company’s results and achievements, the Board of Directors expressed their
satisfaction stating: “The Board is pleased with the results of the first three
months of 2022. Largely due to the support and confidence from the BKIC
customers and business partners and in conjunction with the strong commitment
and eager dedication of both management and employees, the results continue to
demonstrate a positive and improving trend. Later through 2022, the Board
intends to review the performance of the company within the current 3-year
strategy ending 2022. Henceforward, a new strategy for the years 2023-2025 will
be contemplated with the usual highest scrutiny during the year. It will be
approved under the conviction and the Board’s strong belief that the company is
well equipped to continue achieving an attractive ROE in the coming periods.”
Echoing the sentiment of the Board,
BKIC’s CEO Dr. Abdulla Sultan reiterated that the company's consolidated
results in the 1st quarter of 2022 are surely gratifying. Achieving
both top- and bottom-line growth in unprecedented global conditions is a worthy
accomplishment. While witnessing improved Net Profits in all core streams of
income: BKIC Bahrain, BKIC Kuwait and the Takaful International subsidiary. Dr.
Sultan also commended the improved Investment income in Q1-2022 and advocated
the belief that this particular stream of income would further improve in the
On this occasion, the company’s shareholders must know
that BKIC is on track with the three main non-business-related projects for
2022 which entail IFRS17 implementation, New Core Application, and Digital
It is worth mentioning that Bahrain Kuwait Insurance
Company (Brand logo: gig Bahrain) is the lead insurance company in the Bahraini
market rated A- (Excellent) with stable outlook, by A.M Best which is the
highest rating in Bahrain to be awarded to a local direct insurer, reflecting
the financial strength of the company to meet its future obligations. BKIC is a
subsidiary of Gulf Insurance Group (gig) which is the largest insurance Group
in Kuwait in terms of written and retained premiums, with operations in life
and non-life as well as Takaful insurance. Gulf Insurance has become one of the
largest insurance networks in the Middle East and North Africa with companies
in Bahrain, Kuwait, Saudi Arabia, Jordan,
Egypt, United Arab Emirates, Algeria, Lebanon, Syria, Iraq, and Turkey.
KIPCO – Kuwait Projects Company – is
Gulf Insurance Group’s largest shareholder, followed by the Canadian-based
Fairfax Financial Holding Ltd.
The full set of financial statements
and the press release for the period ended 31st March 2022 are
available on the websites of Bahrain Bourse and Boursa Kuwait.