November 1, 2011
Mr. Ebrahim Al Rayes CEO of Bahrain Kuwait Insurance Company (BKIC) announced that the company has achieved an increase of 4% in the net profit from BD 3.3 million as of end the Q3 2010 to BD 3.5 million as of end the Q3 2011. It should be noted that the net profit of the three months period ended 30 September 2011 amounted to BD 858,000, as compared to BD 1 million for the same period last year.
The underwriting profit has increased by 8% from BD 3 million in the Q3-2010 to BD 3.2 million in the same period this year. Investment income recorded a decrease of about 2% from BD 821,000 in the Q3 2010 to BD 807,000 in the same period this year; this decline is due additional provisions for impairment of some investments made by the company.
Mr. Al Rayes also stated that the company has achieved an increase of 10% in the gross premium revenue from BD 25 million as of end the Q3 2010 to BD 27.5 million as of end the Q3 2011. This increase in the gross premiums reflects the great confidence that the company enjoys in the market and the ability to meet its obligations.
The return on Shareholders funds stood at 12.5% as of Q3-2011 despite the increase in shareholders' equity from BD 26.6 million in Q3-2010 to BD 27.9 million in Q3-2011. Earnings per Share increased to 53 fils as of end the Q3 2011 as against 51 fils for the same period last year.
Mr. Al Rayes said that in spite of the exceptional circumstances experienced in Bahrain during this year, the company was able to achieve good results, and it is expected that the company continues to perform at the same pace to achieve positive results at the end of the year.