BKIC reports FY19, quarterly results
Bahrain Kuwait Insurance Company (BKIC) said it registered a net loss of BD 31,000 for the last three months ending 31st December 2019, compared to a profit of BD 342,000 during the same period of the previous year. Fourth-quarter earnings per share was nil compared to 2 fils in the year-ago quarter.
BKIC board decided to propose a distribution of cash dividend for the year 2019 to the Shareholders who are registered on the date of the AGM of 15 per cent, equivalent to 15 Fils per share of paid-up Capital amounting to 14.3 million. Total comprehensive income for the quarter decreased 10pc to BD 741,000 from BD 819,000 in the same quarter of 2018. Gross premium revenue increased by 2pc to BD 32.8m from BD 32m in the 4th quarter of 2018.
Underwriting profit increased by 29pc to BD 144,000 from BD 112,000 in the prior-year quarter. Net investment income decreased by 21pc, from BD 181,000 in the 4th quarter of the previous year to BD 143,000 in the 4th quarter of the current year.
BKIC attributed the decrease in net profit mainly to the extraordinary expenses and decreases in investment income. Full-year results The company, a subsidiary of Gulf Insurance Group (GIG), achieved a full-year net profit of BD 2.701m attributable to shareholders, compared to BD 3.155m in the previous year, registering a decrease of 14pc. The reduction in the net profit was mainly due to the extraordinary expenses of VAT on UPR for the policies written before VAT implementation and voluntary retirement program expenses incurred during the year amounting to BD 633,000.
Earnings per share was 19 fils compared to 22 fils in the previous year. Total comprehensive income increased by 35pc to reach BD 3.9m in 2019 compared to BD 2.9m in 2018.
Gross premium revenue stands at BD 81.7m, at the end of the current year compared to BD 81.6m in the previous year. Underwriting profit stands at BD 2.2m, compared to BD 1.9m in the previous year, recording an increase of 16pc.
Net investment income increased by 3pc, from BD 2.01m in 2018 to BD 2.07m in the current year. The total assets by the end of 2019 reached to BD 246m compared to BD 212m at the end of the previous year, registering an increase of 16pc. In his comments, Ebrahim Alrayes, CEO, said, “BKIC is the leading insurance company in Bahrain market and continues to enhance its services by introducing new products and developing the existing products in order to maintain its leadership position.”