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– Al Rayes: the company remains the market leader and is constantly seeking to develop
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Bahrain Kuwait Insurance Company BSC – BKIC.BH and KSE: BK Insurance – Announced Financial Results for the Period Ended September 30, 2018. The Company Achieved Net Profit Attributable to Shareholders of the Parent Company During the First Nine Months of year of 2.81 up 21% from 2.33 million the previous year, and a net profit of 1.84 million BD for the first nine months of the year, against 1.49 million BD for the same period last year. An increase of 23% .In terms of premium income, the company has realized in the first nine months of the year the year 49.6 million Bahraini dinars in progress, against 41.9 million Bahraini dinars for the same period of the previous year, an increase of 18%.
Net investment income increased 28% from the 1.4 million BD in the first nine months of the previous year to 1.8 million BD in the first nine months of the year. Earnings per share for the current period reached 20 against 33 sons for the same period last year. The paid-up capital of the company doubled compared to the first nine months of the previous year, going from to 14.3 million BD through the distribution of free shares.
The increase in net income for the period ended September 30, 2018 compared to the same period of the previous year is due to the improved earnings underwritten as well as to the revenue increase net of investments.
The total assets of the company for the period ended September 30, 2018 amounted to 179 million BD, against 172 million BD for the same period last year, an increase of 4% , while the equity for the current period amounted to 37.1 million KD. Compared to 36.5 million BD for the same period last year, this figure represents an increase of 2%.
Technical reserves increased from 26.5 million BD by the end of the previous year to 30.8 million BD by the end of the current period.
Regarding the financial results for the quarter ended September 30, 2018, the Company realized a net profit attributable to shareholders of the parent company of 1.12 million BD, compared to 1.19 million BD in the third quarter of The previous fiscal year, The company achieved a net profit of 644 thousand BD in the third quarter of the year, compared with 1.05 million BD for the same period last year, which represents a decrease of 39 %. In the third quarter of this year, it increased 29% from 11.3 million to 14.6 million BD. Winnie. While net investment income increased 115% from BD 312,000 at the end of the third quarter of the previous year to BD 670,000 in the third quarter of this year. Earnings per share for the third quarter was 8 cents per share, compared to 17 cents per share in the third quarter of the previous year.
The decrease in net income for the three months ended September 30, 2018 compared to the same period last year is due to lower technical benefits due to higher net claims and administrative and overhead expenses, as well as the decrease in net commissions earned.
The Board of Directors expressed its satisfaction for the excellent results achieved by the company during the first nine months of this year, thanks to the support and trust of our clients for the services provided by the company, 39, the cooperation and continuous support of our partners in the work, as well as thanks to the diligent efforts of the management and all employees of the company In order to develop the work, and expressed their wish that the company will continue to achieve the best in the coming periods.
Ibrahim Al Rayes, Chief Executive Officer, said, "The company continues to be the leader of the insurance market in Bahrain and is constantly developing its services to maintain its competitive position in the market."
The company recently launched a smart app that allows customers to access insurance services via mobile phones, highlighting the importance of introducing technology into the company's business and hoping that the results will be better visible by the end of the year. "He added that the company had excellent) With a stable outlook, the highest credit rating obtained by a local insurer in Bahrain, reflecting the financial strength of the company to meet its future obligations.
Kuwait Insurance Company is a subsidiary of Gulf Insurance Group, the largest insurance group in Kuwait in terms of premiums written and retained in the life insurance, general insurance and takaful businesses. Gulf Insurance has become one of the largest insurance groups in the Middle East and North Africa. It holds stakes in companies located in Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Iraq, in Bahrain, the United Arab Emirates, Algeria, Turkey and Kuwait.
KIPCO is the largest shareholder in the Gulf Insurance Insurance Group, followed by the Canadian company Fairfax Financial Holdings.
The company notes that the financial statements for the period and the press release are available on the Bahrain Stock Exchange and the Kuwait Stock Exchange.
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