BKIC reports 2024 net profit of BD 5.17 million
TDT | Manama
Email: mail@newsofbahrain.com
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%.
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