BKIC's profit surges 46pc to $6m

Manama, July 28, 2009

The Bahrain Kuwait Insurance Company (BKIC) achieved an underwriting profit of BD2.3 million ($6.1 million) in the first half of the year, up 46 per cent on the BD1.6 million earned in the first half of last year.

The company registered a 17 per cent increase in gross premium revenue at BD18.4 million.

But investment income fell by 34 per cent to BD818,159.

'This is due to the decline in the region's financial markets and decrease in interest rates,' said chief executive officer Ebrahim Al Rayes.

'Also, the final results were affected by the fall in the exchange rate of the Kuwaiti dinar by 7.5 per cent as compared to the end of last year.'

Earnings per share decreased to 43 fils as against 45 fils last time. The return on shareholders' equity increased to 11.22 per cent compared to 10.05 per cent for the same period last year.

Technical reserves registered an increase of 7 per cent from BD12.7 million at the end of last year to BD13.5 million.-TradeArabia News Service

Tags: investment | finance | Bahrain Kuwait Insurance Company |