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BKIC achieves Net Profit of BD 914 thousands in the Q1-2013


May 10, 2013

Mr. Ebrahim Al Rayes - CEO of Bahrain Kuwait Insurance Company (BKIC) announced that the company has achieved a net profit of BD 914 thousands in Q1-2013 as compared to BD 917 thousands for the same period last year.

He said that, despite the decline in the Gross premium revenue by 5% from BD 9.5 million at the end of Q1-2012 to BD 9 million for the same period this year, the net premium revenue has increased by 17% from BD 2.6 million in Q1-2012 to BD 3.1 million in Q1-2013.

It is worth mentioning that the investment income has increased by 74% from BD 282,327 as of end of Q1-2012 to BD 491,995 at the end of Q1-2013. This increase is due to the gain from sale of some assets as well as decreased provisions for impairment made by the company as compared to last year.

The Shareholders' equity increased by 4.8% from BD 28.4 million for Q1-2012 to BD 29.8 million for the same period of 2013. The quarterly return on Shareholders' funds is 3.1% at the end of Q1-2013 as compared to 3.2% for the same period last year. The Technical reserves increased by 5% from BD 14 million in the Q1-2012 to BD 14.7 million at the end of Q1 2013, and Earnings per Share stands at 13 fils as of end of Q1-2013 as against 13 fils in Q1-2012.

Mr. Al-Rayes concluded that despite improved commercial movement in the country, the government spending in support of projects is still modest. He said that the company has launched ​​during the first quarter of this year, a new pickup and delivery service in motor insurance, which is the first of its kind in the region. The company has launched an improved bancassurance product in association with Bank of Bahrain and Kuwait and also developed a sophisticated IT system to implement the same. Mr. Al Rayes hopes that the company achieves better results in the coming periods.