BKIC net profit increases 24% | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

BKIC net profit increases 24% | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Bahrain Kuwait Insurance Company (BKIC) announced its consolidated financial results for the three months ended 31st March 2022. The results presented a net profit attributable to the shareholders of BD 1.181 million compared to BD 0.950 m for the same period last year, representing an increase of 24.3%. The increase in the net profit was mainly due to the improvement in investment income as well as some improvement in underwriting income. Earnings per share were 8 fils compared to 6 fils for the same period last year. The total comprehensive income attributable to the shareholders reached BD 0.857 m in Q1-2022 compared to BD 1.039 m in Q1-2021, registering a decrease of 17.5%. The decrease was mainly due to reduced fair value gains recorded in the 1st quarter of 2022 compared to the same period in 2021. The company achieved a 10.6% growth in gross premium revenue from BD 24.625 m in the first quarter of last year to BD 27.232 m in the 1st quarter of the current year. The underwriting profits increased by 2.8%, from BD 0.784 m in the 1st quarter of last year to BD 0.806 m in the 1st quarter of the current year. The