BKIC Announces 8% Increase in Net Profit for First Quarter of 2026

TDT | Manama

Email: mail@newsofbahrain.com

Bahrain Kuwait Insurance Company (BKIC) B.S.C. (trading code in Bahrain Bourse “BKIC” and in Boursa Kuwait “BKIKWT”) announced its consolidated financial results for the three months ended 31st March 2026.

The financial results for the three months ended 31st March 2026

The company recorded 8% increase in Net profit attributable to shareholders after tax, reflecting growth in its underlying business performance. The Consolidated net profit attributable to shareholders reached BD 1.719 million, compared to BD 1.596 million for the same period last year.

Earnings per share for the first quarter stood at 12 fils, compared to 11 fils for the same period last year. Total comprehensive income attributable to the shareholders of the company reached BD 0.646 million in the first quarter of the current year, compared to BD 1.770 million during the same period last year, a decrease of 64%, primarily due to lower fair value movements on investments compared to the corresponding period of the previous year. Insurance revenue rose by 5% from BD 28.032 million in the first quarter of last year to BD 29.349 million in the first quarter of the current year. The insurance service result increased by 8%, from BD 0.949 million to BD 1.024 million. Total investment income grew by 15%, from BD 1.584 million to BD 1.822 million over the same period.

Equity attributable to the Company’s shareholders stood at BD 43.378 million as at 31 March 2026, compared to BD 46.471 million at the end of the previous year, representing a 7% decrease, mainly due to the allocation of shareholder dividend payouts. Total assets reached BD 251.784 million, compared to BD 246.573 million at the end of the previous year, reflecting a 2% increase. Net insurance contract liabilities increased from BD 70.297 million at year-end to BD 71.328 million at the end of the current period, representing a 1% increase.

Board of Directors’ Comments

Upon concluding their review of the company’s results and achievements, the Board of Directors expressed their satisfaction stating: “The Board is pleased with the results for the first three months of 2026. The Board commended the efforts of the company’s management and employees, for their efforts in continuously growing the company.

It is with great pleasure that the Board announces the new logo of BKIC as a refined version of its logo, marking a natural evolution of its visual identity. In a landscape of multiple GIG entities, this new identity empowers you to distinguish BKIC Bahrain and BKIC Kuwait across the Group companies with absolute ease, recognizing the unique strength and individual dedication that BKIC brings to the GIG Group’s expansive regional horizon and to better serve our customers.

Largely due to the support and confidence of the BKIC customers, business partners and in conjunction with the strong commitment and eager dedication of both management and employees, the results continue to demonstrate both a positive and improving trend which the board is pleased with.

The company is also pleased with the appointment of Mr. Moh’d Al Maraj as General Manager – Bahrain operations as of 1/1/2026, as part of its continuous investment in local talent.

Chief Executive Officer’s Comments

Echoing the sentiment of the Board, BKIC’s CEO Dr. Abdulla Sultan reiterated that “the company's consolidated results in the 1st quarter of 2026 are surely gratifying. Achieving Insurance revenue and Net Profit growth in the current conditions is a worthy accomplishment. In addition, witnessing improved Net Profits in both BKIC and the Takaful International subsidiary is even more rewarding.

Dr Abdulla commented, during the current geopolitical conditions, the company has been conservative in its reserving especially for Political Violence (PV) impact claims that have been witnessed during the month of March. Efforts are still underway to assess any impact arising from the current geopolitical developments in the region, but the company has robust reinsurance protection in place with reputable A-rated securities. Prudently, the company has already taken reserves for its net position in expected reported losses as well as conservatively strengthened reserves in Motor & Medical, catering for an inflationary spike post the current market disruptions.

In parallel, Dr. Abdulla Sultan highlighted the Company’s proactive response to the unprecedented geopolitical developments during the period. He noted that the Company extended emergency medical coverage support to clients who were outside Bahrain and affected by the situation, reaffirming its commitment to customer care during critical times. Furthermore, in recognition of the dedication and sacrifices of frontline personnel, the Company introduced discounts on insurance products as a gesture of appreciation for their invaluable service to the community.

Moreover, the company will be launching various new technological advancements in its digital channels and instigate its internal customer engagement tools which are both part of the company’s approved strategy “Customer 1st”.

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.

The full set of financial statements and the press release for the period ended 31st March 2026 are available on the websites of Bahrain Bourse and Boursa Kuwait.