– Al Rayes: The company is still a market leader and is constantly striving to grow
Bahrain Kuwait Insurance Company BSC – BKIC.BH and KSE: BK Insurance announce financial results for the period ended 30 September 2018. The company received a profit attributable to the parent company's shareholders in the nine months of the year 2.81 Compared to 2.33 million in the previous year, it is 21%. The company also achieved a net profit of 1.84 million BD in the first nine months of the year, compared to 1.49 million BDs in the same period last year, an increase of 23%. In terms of premium income, the company reached its 49.6 million Bahraini dinars in the first nine months of the current year, compared with 41.9 million Bahraini dinars for the same period last year, up 18%.
Net income grew by 28% in the first nine months of this year, compared with US $ 1.4 million in the nine months of the previous year to 1.8 million BD. Earnings per share for the current period amounted to 20 fillets, compared with 33 filings during the same period last year. The paid-in capital of the company increased to 14.3 million BDs in comparison with the nine months of the previous year, with the distribution of bonus shares.
The increase in net profit for the period ended 30 September 2018, as compared to the corresponding period of the previous year, is related to the growth of recorded earnings as well as net investment income growth.
The total assets of the company during the period ended 30 September 2018 amounted to 179 million BDs, compared with 172 million BDs for the same period last year, an increase of 4%. At the same time, the share capital of shareholders was 37.1 million kroons Compared to 36.5 million BDs for the same period last year, it is 2%.
Technical reserves increased from 26.5 million BD at the end of the year to 30.8 million BD at the end of this period.
As regards the financial results for the three months ended September 30, 2018, the company gained a profit attributable to the shareholders of the parent company by 1.12 million BD, compared with 1.19 million BD in the third quarter of the previous year, in the third quarter of the year the company received a net profit of 644 thousand BDs, compared with 1.05 million BDs for the same period last year, a decrease of 39%. In terms of gross premium income, in the third quarter of this year, it increased by 29% from 11.3 million BD to 14.6 million BD Winnie. In turn, net investment income in the third quarter of this year increased by 115% from BD 312 thousand at the end of the third quarter of the previous year to 670 thousand BD. Earnings per share in the third quarter were 8 per share, compared to 17 shares per share in the third quarter of the previous year.
The decrease in net profit for the three months ended 30 September 2018 compared to the corresponding period of the previous year is due to the decrease in technical profit due to the increase in net claims and the increase in administrative and general expenses as well as the reduction of net commission income earned.
The Board of Directors expressed satisfaction at the excellent results achieved by the company in the nine months of this year, thanks to the support and loyalty of our clients to the services provided by the company, as well as for cooperation and constant support of our partners, as well as thanks to the company's leading employees and all employees. To develop their work and express their will that the company will continue to achieve the best in the coming periods.
Ibrahim Al Rayes, CEO, said: "The company continues to be a leader in the Bahraini insurance market and continuously develops its services to maintain its competitiveness on the market."
The company recently launched an intelligent application that gives customers access to insurance services through mobile phones, emphasizing the importance of introducing technology in the company's business and hoping that the results will be better seen by the end of the year. "He added that the company has an excellent credit rating (A-) With a stable outlook, the highest credit rating received by the local direct insurer in Bahrain, reflecting the company's financial position to meet its future liabilities.
The Kuwaiti insurance company is a subsidiary of the largest insurance group in Kuwait, the Gulf Insurance Group, which has signed and retained premiums for life insurance, general insurance and insurance. Gulf Insurance has become one of the largest insurance groups in the Middle East and North Africa. It has proprietary interests in Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Iraq, Bahrain, UAE, Algeria, Turkey and Kuwait.
KIPCO is the largest shareholder in the Gulf insurance group, followed by Canadian Fairfax Financial Holdings.
The company notes that the financial statements and press releases of the period are available on the Bahrain Stock Exchange and the Kuwaiti Stock Exchange.