Bahrain Kuwait Insurance Company AGM approves 25% Cash dividend
Bahrain Kuwait Insurance Company (BKIC) held its Annual General Meeting (AGM) for the financial year 2024 yesterday at the Company's Head office in Seef District with a quorum of 85.85%, and in the presence of representatives of the relevant regulatory authorities.
The General Assembly approved the Board of Directors' recommendation to distribute a cash dividend of 25% equivalent to 25 fils per share amounting to BD 3,691,762 (excluding the treasury shares).
Subsequently, the Extraordinary General Meeting convened, where the Board of Directors' recommendation to amend and restate the company's Memorandum of Association (MOA) and Articles of Association (AOA) to comply with the requirements of Legislative Decree No. 28 of 2020, amending certain provisions of the Commercial Companies Law issued by Legislative Decree No. 21 of 2001.
Sound strategies
Mr. Murad Ali Murad – the Chairman of BKIC stated that having collaborated more extensively within the consideration for the current environment and the expected trends ahead, the Board alongside the Management have implemented sound insurance, investment, and operational strategies with the main objective of strengthening both the market and the financial position. This task would have been impossible without an emphasis on transparency and trust to subsequently cultivate the shareholders' value properly with the aim of exceeding the expectations of all esteemed customers and stakeholders.
Mr. Murad Ali Murad added that despite the challenges arising from the inflation and high interest rates and increased tax as well as the escalating geopolitical tension across the Middle East region, Bahrain Kuwait Insurance Company (BKIC) achieved a net profit attributable to the shareholders of BD 5.17 million, compared to a restated profit of BD 5 m in 2024, showing an increase of 3%. Total comprehensive income attributable to the shareholders for the year stood at BD 4.84 m compared to BD 5.59 m in 2023, showing a decrease of 13% Due to changes in fair value of investments. The total shareholders' equity as at end of December 2024 is BD 44.23 mn compared to BD 44.90 m as at end of last year, representing an increase of 2%. Investment income driven by the company's strategy to restructure the investment portfolio to earn optimum returns increased by 8%.
Lastly, Mr. Murad mentioned that the international rating agency A.M. Best has affirmed the credit rating of the company 'A- Excellent with a stable outlook' after reviewing the company's and the subsidiary's performance. This rating is the highest rating in Bahrain to be awarded to a local direct insurer, reflecting the financial strength of the company to meet its future obligations, in addition to being part of the Gulf Insurance Group (GIG) which is amongst the largest insurance Groups in the region.
Dr. Abdulla Sultan – the CEO of BKIC stated that, despite the challenges faced by the company in 2024, BKIC continued affirming its lead position in the local market and maintained its strong presence in Kuwait by achieving the historical records on growth, profitability and returns to shareholders.
Outlook As for the future outlook, Dr. Sultan said that BKIC's focus beyond 2024 encompasses further advancements within its technology infrastructure, enhancing the data governance and analysis along with streamlining the existing processes to ensure the internal environment is resilient and stronger. The strides in this direction would enable BKIC to enhance its market position, boost the retention level of its customers, and realize its long-range ambitions.
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