Ebrahim Al Rayes – Chief Executive Officer of Bahrain Kuwait Insurance Co. announced that the Company achieved 5.46% increase in net profit - from BD. 2,704,464 in Q2 of this year against BD. 2,564,364 for the same period last year. Underwriting profit increased by 76% from BD. 878,400 in Q2 2007 to BD. 1,547,163 for the same period this year.
The investment income decreased from BD. 1,870,267 in the Q2 last year to BD 1,237,111 for the same period this year. However the last year’s figure includes BD. 588,000 a non recurring profit achieved from the sale of part of BKIC holding in United Insurance Co.
The Gross premium revenue increased by 19% from BD. 13.1 million in the Q2 2007 to BD. 15.6 million in the same period of 2008. The Technical reserves increased by 16% from BD. 11.3 million in the Q2 last year to BD. 13.2 million for the same period of this year, and the Shareholders’ equity increased by 11% from BD. 24.2 million in Q2-2007 to BD. 26.9 million in the same period of 2008. The return on Shareholders’ funds is 10.05% as of end of Q2-2008 compared to 10.61% for the same period last year. The earnings per share stood at 45 fils as of Q2-2008 as against 42 fils in the Q2-2007.
Al-Rayes hoped that the trend in growth will continue in the coming periods. He also added, that the strategic business plan for the three year period from the year 2008 to 2010 was discussed and approved by the board in December last year. Some of insurance and investment activities are already being implemented.
