Latest news with #BahrainKuwaitInsuranceCompany
Bahrain News Gazette
13-05-2025
- Automotive
- Bahrain News Gazette
GIG Bahrain Contributes to Planting 84 Trees in Support of 'Forever Green' Campaign
Manama: The national afforestation campaign 'Forever Green' continues its mission to expand green spaces across the Kingdom of Bahrain. As part of its latest initiative, a project was launched today on Avenue 65 leading to Diyar Al Muharraq, with the sponsorship of Bahrain Kuwait Insurance Company (GIG Bahrain), which supported the planting of 84 Council trees (Ficus Altissima). According to Bahrain News Agency, the launch was attended by Shaikha Maram bint Isa Al Khalifa, Secretary General of the National Initiative for Agricultural Development (NIAD), alongside Dr. Abdulla Sultan, CEO of Bahrain Kuwait Insurance Company (GIG Bahrain), and Abdulaziz Al Naar, Chairman of the Muharraq Municipal Council. Shaikha Maram bint Isa expressed her appreciation to GIG Bahrain for its contribution. 'Such community initiatives strengthen the partnership between the public and private sectors and pave the way towards environmental sustainability and enhance the quality of life in the Kingdom of Bahrain,' Shaikha Maram bint Isa said. Dr. Abdulla Sultan underscored the company's commitment to sustainability, noting: 'We are proud to support the national afforestation campaign, as it represents an important step towards a greener future. We look forward to continuing our contribution to sustainable environmental development projects.' GIG Bahrain's involvement in the 'Forever Green' campaign is aligned with its 'Cashback' Motor Insurance Product launched last year. The innovative product offers direct cashback to policyholders based on kilometres driven, encouraging reduced mileage and environmentally conscious driving. A portion of the product's proceeds is allocated to planting trees in the Kingdom, reflecting the company's strategy of integrating environmental sustainability into its core operations.
Daily Tribune
14-04-2025
- Automotive
- Daily Tribune
Bahrain Kuwait Insurance Co., Takaful International Co. host Insurance brokers and intermediaries
Bahrain Kuwait Insurance Company (GIG Bahrain) and Takaful International Company (GIG Bahrain Takaful) hosted insurance brokers and intermediaries at their corporate lounges during the Formula 1 Gulf Air Bahrain Grand Prix 2025 at the Bahrain International Circuit (BIC). The exclusive lounge experience brought together partners and senior executives for a weekend of excitement and premium hospitality, as both companies proudly hosted their guests for the third year in a row. The vibrant atmosphere of the Formula 1 weekend provided the perfect setting to network, celebrate achievements, and exchange ideas. Dr. Abdulla Sultan, Chief Executive Officer of Bahrain Kuwait Insurance Co., highlighted the significance of the gathering, stating 'This gathering reflects our commitment to strengthening relationships with our valued partners in the brokerage community. The Formula 1 event serves as an ideal platform to celebrate our shared success and future ambitions.' Mr. Essam Al Ansari, Chief Executive Officer of Takaful International Co. , added: 'We are honored to host our insurance brokers and agents at one of the region's most prestigious sporting events. This engagement underscores our ongoing dedication to fostering collaboration and deepening the trust we share with our key partners. Our brokers and agents are not just intermediaries; they are essential contributors to our business strategy and long-term success.' The guests also expressed their great appreciation for this unique opportunity, only offered by the companies which is something not unusual for such a regional powerhouse.
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%.
