Latest news with #BKIC
Daily Tribune
14-05-2025
- Business
- Daily Tribune
BKIC announces BD 1.6m profit, over 1% pre-tax net profit growth
Bahrain Kuwait Insurance Company (BKIC) recorded a more than 1% increase in first quarter 2025 profit attributable to shareholders before tax, reflecting growth in its underlying business performance. The consolidated financial results showed a net profit after tax attributable to shareholders of BD 1.596 million, compared to BD 1.680 m for the same period last year, representing a 5% decrease. This change is due to the first-time implementation of the 15% Domestic Minimum Top-up Tax in Bahrain, which came into effect in January 2025 for multinational companies and was not reflected last year. Excluding the impact of this new tax regulation, the company's profitability continued to grow. The company reported earnings per share of 11 fils for the first quarter of the current year, consistent with the same period last year. Total comprehensive income attributable to the shareholders of the company reached BD 1.770 m in the first quarter of the current year, compared to BD 1.507 m during the same period last year, an increase of 17%, primarily driven by higher fair values of investments. Insurance revenue increased by 3% from BD 27.341 m in the first quarter of last year to BD 28.032 million in the first quarter of the current year. The Insurance service result decreased by 5%, from BD 0.998 m in the 1st quarter of last year to BD 0.949 m in the 1st quarter of the current year. The Total investment income decreased by 3%, from BD 1.633 m in the 1st quarter of last year to BD 1.584 m in the 1st quarter of the current year. The equity attributable to the shareholders of the company as at 31st March 2025 is BD 42.997 m compared to BD 44.901 m as end of last year, representing a decrease of 4%, mainly due to allocation towards shareholders' dividends payouts. The total assets by 31st March 2025 reached BD 190.520 m compared to BD 186.017 m as end of last year, representing an increase of 3%. The net Insurance contract liabilities increased from BD 64.433 m at the end of the last year to BD 64.946 m at the end of the current period, reflecting a marginal increase of 0.8%. Board of Directors' Comments Upon concluding their review of the company's results and achievements, the Board of Directors expressed their satisfaction stating: 'The Board is pleased with the results for the first three months of 2025. The Board commended the efforts of the company's management and employees, for their efforts in continuously growing the company. Largely due to the support and confidence of the BKIC customers, business partners and in conjunction with the strong commitment and eager dedication of both management and employees, the results continue to demonstrate both a positive and improving trend which the board is pleased with. As the company celebrates its 50th year anniversary, the Board of Directors is very pleased with the continuous positive trend in the company's performance and enhancements in its service offerings. Chief Executive Officer's Comments Echoing the sentiment of the Board, BKIC's CEO Dr. Abdulla Sultan reiterated that 'the company's consolidated results in the 1st quarter of 2025 are surely gratifying. Achieving Insurance revenue and Net Profit growth in the current economic conditions is a worthy accomplishment. In addition, witnessing improved Net Profits in both BKIC and the Takaful International subsidiary is even more rewarding. Moreover, Dr. Sultan expressed his pride in the latest additions in senior management to the company. The profile of the new COO Mr. Mohamed AlMaraj and his work ethics, culture and vision is in harmony with the company. During this year, the company will be launching various new technological advancements in its digital channels and instigate its internal customer engagement tools which are both part of the company's approved strategy 'Customer 1st'.
Daily Tribune
26-03-2025
- Business
- Daily Tribune
Bahrain Kuwait Insurance Company AGM approves 25% Cash dividend
TDT | Manama 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.
Daily Tribune
17-02-2025
- Business
- Daily Tribune
BKIC reports 2024 net profit of BD 5.17 million
Bahrain Kuwait Insurance Company (BKIC) announced its consolidated financial results for the year ended 31st December 2024. Fourth quarter results The consolidated financial results for Q4-2024 presented a net profit attributable to the shareholders of BD 1.167 mio compared to BD 1.043 mio for the same period last year, representing an increase of 12%. Earnings per share during the three months of the current year were 8 fils compared to 7 fils for the same period of last year. The total comprehensive income attributable to the shareholders reached BD 0.418 mio in Q4- 2024 compared to BD 2.201 mio in Q4-2023, registering a decrease of 81%. The decrease was mainly due to a decrease in investments fair value recorded in the 4th quarter 2024 compared to the same period in 2023. Insurance revenue decreased by 5% from BD 29.888 mio in the 4th quarter of last year to BD 28.276 mio in the 4th quarter of the current year. The Insurance service results decreased by 2%, from BD 0.291 mio in the 4th quarter of last year to BD 0.285 mio in the 4th quarter of the current year. The Total investment income increased by 36%, from BD 1.049 mio in the 4th quarter of last year to BD 1.429 mio in the 4th quarter of the current year. Full year results The consolidated financial results for the year ended 31st December 2024 presented a net profit attributable to the shareholders of BD 5.169 mio, compared to BD 5.005 mio of the same period last year, representing an increase of 3%. Earnings per share were 35 fils during the current period compared to 34 fils of the same period last year. The total comprehensive income attributable to the shareholders was BD 4.838 mio compared to BD 5.588 mio for the same period last year, registering a decrease of 13%. The Company achieved 9% growth in gross written premium of BD 117.120 mio during this year, compared to BD 107.673 mio in the last year, reaching a record high. Insurance revenue increased by 4% from BD 109.988 in the last year to BD 114.183 mio in the current year. The Insurance service result decreased by 13%, to BD 2.893 mio in this year compared to BD 3.307mio in the last year. The reduction was driven by inflation in medical claims as well as improvement built in the IFRS17 model assumptions. The net investment income increased by 8%, from BD 4.499 mio in the last year to BD 4.844 mio in this year. The total shareholders' equity as at end of December 2024 is BD 44.901 mio compared to BD 44.229 mio as at end of last year, representing an increase of 2%. The total assets by the end of December 2024 reached BD 186.017 mio compared to BD 171.471 mio as at end of last year, representing an increase of 8%. The net Insurance contract liabilities increased from BD 62.491 mio at the end of the last year to BD 64.433 mio at the end of the current year, registering an increase of 3%.
