BKIC's net profit rises 4pc to $9m
Manama, November 1, 2011
Bahrain Kuwait Insurance Company (BKIC) net profit increased four per cent to BD3.5 million ($9.3 million) in the first nine months of this year from BD3.3 million for the same period last year.
For the third quarter net profit hit BD858,000 against BD1 million for the same period last year.
The third quarter underwriting profit increased by 8 per cent from BD3 million to BD3.2 million.
Investment income recorded a decrease of about 2 per cent from BD821,000 to BD807,000 due additional provisions for impairment of some investments made by the company.
Chief executive Ebrahim Al Rayes said the company had achieved an increase of 10 per cent in the gross premium revenue from BD25 million in the third quarter last year to BD27.5 million.
This increase in the gross premiums reflects the great confidence that the company enjoys in the market and the ability to meet its obligations.
Earnings per share increased to 53 fils as against 51 fils last year, said the BKIC.
Al Rayes added that in spite of the exceptional circumstances experienced in Bahrain during this year, the company was able to achieve good results, and it is expected that the company will continue to perform at the same pace to achieve positive results at the end of the year.-TradeArabia News Service