Bahrain: BKIC net profit up 11.2% in 1Q
Source: Middle East Insurance Review | Jun 2021
Bahrain Kuwait Insurance Company (BKIC) has reported a net profit attributable to shareholders of BHD0.950m ($2.5m) for the first three months in 2021, up 11.2% from the same period last year, mainly due to the significant improvement in underwriting as well as some improvement in the net investment income.
Earnings per share remained at six fils during the first quarter this year and in the same period last year taking into consideration the recent increase in capital, according to its financial results filed on the Bahrain Bourse.
BKIC’s underwriting profits increased by 32.7% from BHD0.591m in 1Q2020 to BHD0.784m in 1Q2021 while net investment income grew by 10% from BHD0.522m in 1Q2020 to BHD0.574m in 1Q2021. The insurer achieved a 17.2% growth in gross premiums from BHD21.02m in 1Q2020 to BHD24.63m in the first quarter of the current year.
Total comprehensive income attributable to the shareholders reached BD1.04m in 1Q2021 compared with comprehensive loss of BHD0.987m in 1Q2020.
The total shareholders’ equity by the end of March 2021 amounted to BHD38.51m compared with BD39.61m by the end of last year, a decrease of 2.8% due to proposed dividends. Total assets by the end of March 2021 reached BHD235.38m compared with BD239.52m by end of last year, representing a decrease of 1.7%. The net technical reserves increased from BHD36m at the end of last year to BHD40.61m at the end of 1Q2021. M