BKIC reports 4.5% increase in net profit

BKIC reports 4.5% increase in net profit

MANAMA: Bahrain Kuwait Insurance Company (BKIC) has reported a consolidated a net profit attributable to the shareholders of BD0.813 million for the three months ended 30 September, 2021 compared with BD0.778m in the same period last year, representing an increase of 4.5 per cent. Earnings per share remained at 5 fils. The total comprehensive income attributable to the shareholders reached BD0.262m in Q3-2021 compared with BD0.991m in Q3-2020, registering a decrease of 74pc due to reduction in fair value of AFS investments. Gross premium revenue marginally decreased by 0.4pc to BD18.084m in the third quarter of this year from BD18.157m in the same period last year. The underwriting profits reduced by 33pc, from BD0.838m in the third quarter of last year to BD0.563m in the third quarter of current year due to strengthening of reserves. The net investment income increased by 45pc, from BD0.515m in the third quarter of last year to BD0.744m in the third quarter of current year. For the nine months ended 30 September, 2021, the consolidated net profit attributable to the shareholders was BD3.248m, compared with BD3.08m of the same period last year, representing an increase of 5.5pc. Earnings per share were 22 fils this year