CBB governor Rasheed Al Maraj opening the new BKIC HQ
BKIC sees 86pc jump in Q3 profit
Manama, November 6, 2012
Bahrain Kuwait Insurance Company's (BKIC), one of the largest insurance firms operating in the kingdom, said its net profit for the third quarter surged 86 per cent to BD1.6 million ($4.17 million) from BD858,000 last year.
BKIC's net profit for the first nine months of the year hit BD3.1 million compared to BD3.47m in the same period of 2011, said a report in the Gulf Daily News, our sister newspaper.
The investment income for the nine months increased by 14 per cent, reaching BD922,000 compared with BD807,000 in the same period of last year, the report stated.
However, the underwriting profits declined by 18 per cent, from BD3.2 million to BD2.6 million due to the increase in the amount of claims, especially in motor department, it added.
Chief executive Ebrahim Al Rayes said BKIC still occupies the leading position in the Bahraini market, and he expected that Bahraini economy will withstand the exceptional circumstances experienced and achieve higher growth rates.
The kingdom is going to implement many development and infrastructure projects that will benefit the insurance sector, he added.
In another developement, BKIC opened its new headquarters built at a cost of BD3.5 million in the Seef district.
The new facility was officially opened yesterday by Central Bank of Bahrain governor Rasheed Al Maraj.
Commenting on the launch, chairman Abdullah Buhindi said BKIC Tower in Seef District is the second building owned by the company since its establishment in 1975.
BKIC is part of the Kuwaiti-based Gulf Insurance Group, along with eight other companies in Egypt, Syria, Lebanon, Jordan, Iraq, Saudi Arabia and Kuwait.
"The company is one of the largest insurance firms operating in Bahrain and has a capital of BD7.15 million and more than 150 employees in Bahrain and Kuwait and is recognised as a national company in both countries," said Buhindi.
Buhindi said that the company would soon launch its new corporate identity, which reflects modernity and also clearly communicates the values and meanings imbibed by the company and the objectives it aims to achieve.-TradeArabia News Service