A leading insurer, Bahrain Kuwaiti Insurance Company (BKIC), has reported an increase in profits of around 50% for the first half of this year to BHD1.7m ($4.5m) from BHD1.1m in the corresponding period of 2017.
Technical profits at BKIC, which is a subsidiary of Kuwait's Gulf Insurance Group, soared by 174% to BHD1.2m in 1H2018, compared with BD434,000 for the corresponding half last year, according to a stock exchange filing.
Gross premium revenue increased by 14% y-on-y to BHD35m during the period. Investment net income increased by 4% to BHD1.2m.
The board of directors said, “The board is pleased to announce the positive results for the first half of 2018, thanks to our customers’ confidence in the company, support of our business partners and dedication of the management and employees.”
BKIC chief executive Ebrahim Alrayes said, “During the second quarter of this year, BKIC’s stake in Takaful International (TIC) increased to 77.25% following the recent increase in capital of TIC from BHD6.25m to BHD8.5m.
The company is considering merging its branches and some supportive services with its subsidiary Takaful International. It is waiting for approval from regulatory entities to proceed with the merger.
Mr Alrayes hoped that the results next year will be better and BKIC will continue to maintain its position as a leading company in Bahrain and Kuwait markets by constantly seeking to develop the services.
BKIC was established in 1975 with Bahraini and Kuwaiti shareholders. By virtue of its shareholding structure, BKIC is allowed to operate as a local insurance company both in Bahrain and Kuwait, the only company to enjoy such a privilege.