Bahrain Kuwait Insurance Company net profit surges 11.2% in first quarter

  • Date: 09-May-2021
  • Source: Zawya
  • Sector:Economy
  • Country:Bahrain
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Bahrain Kuwait Insurance Company net profit surges 11.2% in first quarter

MANAMA: has reported a net profit attributable to shareholders of BD0.950 million for the three months ended March 31 compared with BD0.854m for the same period last year, an increase of 11.2 per cent. BKIC announced yesterday its consolidated financial results. 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. The total comprehensive income attributable to the shareholders reached BD1.04m in Q1-2021 compared with comprehensive loss of BD0.987m in Q1-2020. The company achieved 17.2pc growth in gross premium revenue from BD21.02m in the first quarter of last year to BD24.63m in the first quarter of the current year. The underwriting profits increased by 32.7pc, from BD0.591m in Q1-2020 to BD0.784m in Q1-2021. The net investment income increased by 10pc, from BD0.522m in Q1-2020 to BD0.574m in Q1-2021. The increase in the net profit for the three months ended March 31, 2021 compared with the same period last year is mainly due to the significant improvement in underwriting which is the company’s core business as well as some improvement in the net investment income. The total shareholders’ equity by the end of