The increase in the net profit for the year ended 31^st December 2018 compared to last year is mainly due to the significant improvement in the underwriting profits as well as the investment income.

The total assets by the end of 2018 reached BD 212mn compared to BD 172mn at the end of previous year, registering an increase of 23%. The shareholder’s equity as at the end of 2018 was BD 36mn compared to BD 34.5mn as at the end of the previous year, by an increase of 4%. The net technical reserves rose from BD 26.5mn at the end of the previous year to BD 29.5mn at the end of the current year.

 With regards to the financial results for the three months ended 31^st December 2018, the company achieved a net profit attributable to the shareholders of BD 342,000 compared to BD 267,000 during the same period of the previous year, with an increase of 28%. The underwriting profits in the 4^th quarter reached BD 112,000, compared to a loss of BD 317,000 in the 4^th quarter of last year, with an increase of 135%. The gross premium revenue increased by 82% from BD 17.6mn to BD 32mn. The total comprehensive income in the 4^th quarter 2018 reached BD 885,000 compared to BD 224,000 in the 4^th quarter of last year, with an increase of 295%. The net income from investment increased by 5%, from BD 172,000 in the 4^th quarter of last year to BD 181,000 in the 4^th quarter of this year. Earnings per share during the 4^th quarter was 2 fils compared to 4 fils in the 4^th quarter of last year.  

 The increase in the net profit for the three months ended 31^st December 2018 compared to the same period of last year is mainly due to the increase in the net premium, increase in net fee and commission income and decrease in other expenses.

 Commenting on the company’s satisfactory results, the Board of Directors stated that, “The Board is pleased to announce the positive results for the year 2018, and we achieved this result with the support and confidence of our customers & business partners bestowed on the company, and also the dedication & commitment of its management and employees. The Board hopes that the company continues to achieve the best results in the ensuing periods.” It is worth mentioning that during the year 2018, the company increased its stake in Takaful International by acquiring an additional stake to reach to 81.94%.

 The Board of directors also decided to propose the distribution of cash dividend for the year 2018 to the Shareholders who are registered on the date of the AGM of 15%, equivalent to 15 fils per share of paid-up Capital amounting to 14.3mn (2017: 7.15mn).

 Also commenting on the results, Mr. Ebrahim Alrayes, BKIC’s CEO said that, “BKIC is the leading insurance company in Bahrain market and continues to enhance its services in order to maintain its leadership positon in the market. While stressing the importance of the technology in the company’s business, he said that the company has recently launched a smart application “gig go” which received the Best Application Award for 2018 in Bahrain. This smart application enables the insureds to get the personal line insurance services as well as the submission of claims through their mobile phones. Apart from that, “gig go” will provide wide array of directories of travel agents, Embassies, car dealers, hospitals and international airports and other useful information.  He also added that the company is rated as A- (Excellent) with stable outlook by A.M. best which is the highest rating in the Kingdom of Bahrain to be awarded to a local direct insurer, reflecting the financial strength of the company to meet its future obligations.

 It is worth mentioning that Bahrain Kuwait Insurance Company (BKIC) 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 Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Algeria, Iraq, Bahrain, Emirates, Turkey and Kuwait.