The General Assembly of Bahrain Kuwait Insurance Co. approves 25% Cash dividend

TDT | Manama

Email: mail@newsofbahrain.com

Bahrain Kuwait Insurance Company B.S.C. (BKIC) held its Annual General Meeting (AGM) for the financial year 2025 on Monday 30th March 2026 at 10:30 am at the Company’s Head office in Seef District with a quorum of 88.24%, and in the presence of representatives of the relevant regulatory authorities. The General Assembly approved the Board of Directors’ recommendation to distribute a cash dividend of 25% equivalent to 25 fils per share amounting to BD 3,683,591 (excluding the treasury shares). The General Assembly also approved the rest of the agenda items of this meeting. Finally, the General Assembly approved the appointment of Mr. Bijan Khosrowshahi, Dr. Emad Jawad Bukhamseen (Vice-Chairman), Dr. Abdulla Salah Sultan, Mr. Farid Joseph Saber, Ms. Muna Sayed Ali AlHashemi and Mr. Alaa Mohamed Elzoheiry as appointed directors representing major shareholders who have the right to the appointment of directors for the new term (March 2026 – March 2029). Also, the AGM approved the election of Mr. Murad Ali Murad (Chairman), Mr. Mohamed Ebrahim Zainal, Mr. Mohamed Ahmed AlRayes and Dr. Abdulrahman Ali Saif to this new Board for the same term.

Commenting on the occasion, Mr. Murad Ali Murad – the Chairman of BKIC stated that the global insurance market in 2025 continued to operate in a challenging and competitive environment, shaped by evolving pricing conditions, inflationary pressures, and geopolitical developments in the region. During the year, local acquisitions from our peers, marked a significant development in the local market, resulting in a more consolidated competitive landscape. In addition, the introduction of the Domestic Minimum Top-up Tax (DMTT) for the first time represented a new regulatory and tax development for multinational groups operating in Bahrain.

Against this backdrop, the Board, together with management, remained focused on navigating these changes with discipline and prudence. BKIC remains resilient despite market changes and new regulations, while staying committed to creating long-term value for shareholders. This is supported by strong financial discipline, prudent investment management, a customer-focused approach, and carefully targeted growth initiatives.

Mr. Murad Ali Murad added that despite the challenges, Bahrain Kuwait Insurance Company (BKIC) achieved a solid profit before tax attributable to shareholders which grew to BD 5.22 million, highlighting the strength and resilience of our operations.

In his remarks, Mr. Murad stated that the year 2025 marked a significant milestone with the celebration of BKIC’s 50th anniversary, reflecting five decades of service to the insurance markets of Bahrain and Kuwait. This achievement was commemorated through the publication of a dedicated anniversary book capturing the Company’s legacy and evolution, alongside a memorable celebration that recognized the people behind the journey.

Lastly, Mr. Murad mentioned that the international rating agency A.M. Best has affirmed the credit rating of the company “A- Excellent with a stable outlook” after reviewing the company’s and the subsidiary’s performance. This rating is the highest rating in Bahrain to be awarded to a local direct insurer, reflecting the financial strength of the company to meet its future obligations, in addition to being part of the Gulf Insurance Group (GIG) which is amongst the largest insurance Groups in the region. Alongside, we are proud members of the Fairfax Financial Holdings Limited global family.

Dr. Abdulla Sultan – the CEO of BKIC stated that, despite the challenges faced by the company in 2025, BKIC continued affirming its lead position in the local market and maintained its strong presence in Kuwait by achieving the historical records on growth, profitability and returns to shareholders. In 2025, we delivered a robust 18% surge in insurance service results, successfully neutralizing the impact of a major fire loss and rising motor claims. This performance was anchored by a resurgent medical line and disciplined underwriting, bolstered by a strategic reinsurance framework. Complementing this, our portfolio rebalancing drove a 13% increase in investment income, maintaining a healthy 11.4% return on equity.

Dr. Sultan highlighted a landmark 2025, marked by a record-breaking Great Place to Work Award and transformative new financial partnerships. Our commitment to purpose has never been stronger, evidenced by a significant expansion in our CSR and ESG initiatives.

We continue to deepen our leadership and organizational capability. A key milestone was the appointment of Mohamed Salah Al-Maraj as Chief Operating Officer in April 2025. Following a year of high-impact strategic delivery, his promotion to General Manager – Bahrain Operations (effective 1 January 2026) ensures leadership continuity and reinforces our execution strength.

As for the future outlook, Dr. Abdulla Sultan said that BKIC’s strategic focus is anchored on the Customer 1st Strategy, supported by continued investment in technology, data governance, and process efficiency to strengthen operational resilience and decision-making. Enhanced use of data analytics will drive deeper customer insight, improved retention, and more disciplined underwriting, while digital presence and engagement will further elevate accessibility, responsiveness, and service quality.

Dr. Abdulla Sultan concluded by stating: “My sincere gratitude and deep appreciation go out to the Board of Directors for their continued support and guidance extended to the Executive Management. My deep thanks also go to the GIG Group for the firm and unwavering support, always. All employees, both in Bahrain and Kuwait, deserve the highest praise for their hard work, dedication, and the continuous due diligence in serving the interests of both clients and shareholders. A grand debt of gratitude goes to our valued clients, shareholders, business partners, reinsurance partners and intermediaries, all of whom entrust us with loyalty and commitment. I would thank the governments and regulatory bodies in the Kingdom of Bahrain and the State of Kuwait for their undivided support extended in the past years and beyond”.

Group Profile

Bahrain Kuwait Insurance Company (BKIC) is the leading insurance company in the Bahraini market and a major player in Kuwait, with a credit rating of A- (Excellent) with stable outlook, by A.M Best which is the highest rating in Bahrain to be awarded to a local direct insurer, reflecting the financial strength of the company to meet its future obligations. GIG Bahrain is a subsidiary of Gulf Insurance Group (GIG) which is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as Takaful insurance. Gulf Insurance has become one of the largest insurance networks in the Middle East and North Africa with companies in Bahrain, Kuwait, Jordan, Egypt, Turkey, Algeria, UAE, KSA, Oman, Qatar, Syria, Iraq and Lebanon.

The Canadian-based Fairfax Financial Holding Ltd is Gulf Insurance Group’s Major and largest shareholder.