BKIC AGM okays 15% dividend, 4.89% bonus shares

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Shareholders of Bahrain Kuwait Insurance Company approved a recommendation to distribute a cash dividend of 15% equivalent to 15 fils per share amounting to BD 2,136,140 (excluding the treasury shares). The approval came as the company held its Annual General Meeting for the year 2020 via video conferencing.

The General Assembly also approved to distribute Bonus shares of 4.89% of paid-up capital, which will increase the paidup capital to BD 15,000,000. Murad Ali Murad, the Chairman, mentioned that despite the highly unusual market environment during the year, BKIC achieved a net profit attributable to the shareholders of BD 3.8 million, compared to BD 2.7 million in 2019, representing an increase of 41%.

Earnings per share was 27 fils compared to 19 fils in the previous year. The total comprehensive income attributable to shareholder’s increased by 13.2% to reach BD 4.29 m in 2020 compared to BD 3.79 m in 2019.

BKIC attributed the increase in the profits to a 57% increase in underwriting profit, reduction in the Loss Ratio from 73.6% to 68.8% and reduction in motor claims during the second quarter of the year.

Murad said that the top priority initiatives for 2020-2022 are digital transformation, insure-tech and the need for more efficient customer service. Dr Abdulla Sultan, the CEO, said that the company, during the year, had also acquired a 13.5% stake in Health 360, a Third-Party Administrator in Bahrain and gives great importance to the development within the company, including thorough training of our team.

“The management is currently focusing on the career development of the qualified young staff as well as empowering women to assume supervisory and leadership positions.”