BKIC posts record profit
Manama, March 2, 2012
Bahrain Kuwait Insurance Company (BKIC) yesterday agreed to pay a 25 per cent cash and 10 per cent bonus share to investors at its annual general meeting yesterday.
The distribution came after the company's most successful year since it was established in 1976.
"Despite exceptional conditions the company managed to post net profit of BD4.149 million ($11 million), an all-time high since the establishment of the firm," said chairman Abdulla Hassan Buhindi.
"Liquidity also soared BD28.3 million last year, up from BD28.1 million in 2010".
"The company moved last month to the new Seef-located headquarters which cost around BD3.5 million. The old headquarters in the Diplomatic Area will be part of the company's investment project."
He added that the company got the rating A from AM Best Rating agency - the highest in Bahrain's insurance market, which reflects its solid financial standing and profitability record in addition to the sound policy in managing investments.
The company is a major corporate insurer covering engineering and development projects by companies like Alba and Bapco and has been expanding its retail offering by increasing the number of branches it has in Bahrain to six.
"We had a very good year in the corporate sector while expanding our retail operations," said chief executive Ebrahim Al Rayes.
"I would expect 2012 to be another good year if the political situation stabilises.
"The GCC countries have pledged BD1 billion a year for 10 years to Bahrain to invest in infrastructure projects and this is clearly good news for the insurance industry as these projects go ahead. That makes me very optimistic about the future." - TradeArabia News Service