BKIC Q1 profit plunges
Manama, May 5, 2008
The Bahrain Kuwait Insurance Company (BKIC) achieved a net profit of BD1,723,835 ($4.5 million) in the first quarter of this year against BD1,750,984 ($4.64 million)for the same period last year.
This 1.5 per cent decrease was due to the fall in the investment income from BD1,168,257 to BD801,014.
However, the last year's figure includes BD588,000, a non-recurring profit achieved from the sale of part of BKIC holding in United Insurance Company.
Underwriting profit increased by 32 per cent from BD709,011 in the first quarter of last year to BD932,735 for the same period this year.
The gross premium revenue increased by 19 per cent from BD6.7 million to BD7.9 million. The technical reserves increased by 18 per cent from BD10.6 million to BD12.5 million and shareholders' equity increased by 15 per cent from BD22.7 million to BD26.1 million.
Chief executive officer Ebrahim Al Rayes said that BKIC leads the Bahrain market in terms of gross premium revenue and he hopes that the trend in growth will continue in the coming periods.-TradeArabia News Service