BKIC net profit increases by 24% for the three months ended 31st March 2022

BKIC net profit increases by 24% for the three months ended 31st March 2022

Bahrain Kuwait Insurance Company (BKIC) B.S.C. (trading code in Bahrain Bourse “BKIC.BH” and in Boursa Kuwait “BKIKWT”) announced its consolidated financial results for the three months ended 31st March 2022. The consolidated financial results presented a net profit attributable to the shareholders of BD 1.181 million compared to BD 0.950 million for the same period last year, representing an increase of 24.3%. Earnings per share for the 1stquarter of current year was 8 fils compared to 6 fils for the same period last year. The total comprehensive income attributable to the shareholders reached BD 0.857 million in Q1-2022 compared to BD 1.039 million in Q1-2021, registering a decrease of 17.5%. The decrease was mainly due to reduced fair value gains recorded in 1stquarter 2022 compared to the same period in 2021. The company achieved 10.6% growth in gross premium revenue from BD 24.625 million in the 1st quarter of last year to BD 27.232 million in the 1stquarter of current year. The underwriting profits increased by 2.8%, from BD 0.784 million in the 1st quarter of last year to BD 0.806 million in the 1stquarter of current year. The net investment income increased by 39%, from BD 0.563 million in