May 8, 2012

Mr. Ebrahim Al Rayes - CEO of Bahrain Kuwait Insurance Company (BKIC) announced that the company achieved a net profit of BD 917 thousands in Q1-2012 as compared to BD 1.1 million for the same period last year.

Mr. / Rayes attributed this decline to the drop in the results of motor department due to increased car accidents rate as compared to the same period last year. Also, due additional provisions for impairment of some investments made by the company.

He said, despite the decline in the Gross premium revenue at the end of Q1-2012 by 2%, from BD 9.7 million to BD 9.5 million for the same period last year, the net premium revenue increased by 3%, from BD 2.5 million to BD 2.6 million.

The Technical reserves increased by 10% from BD 12.7 million in the Q1-2011 to BD 14 million for the same period this year, and the Shareholders equity increased by 10% from BD 25.8 million for Q1-2011 to BD 28.4 million in the same period of 2012. The return on Shareholders funds is 3.2% as of end of Q1-2012 compared to 4.4% for the same period last year. Earnings per Share decreased to 13 fils as of end Q1-2012 as against 16 fils as of Q1 2011. It is worth mentioning that at the beginning of the year 2012, the company has increased its paid-up capital from BD 6.5 million to BD 7.150 million.

Mr. Al-Rayes concluded that the company still maintains its leading position in the Bahraini market, and expects that the company achieves better results in the coming periods.