Manama : B ahrain Kuwait Insurance Company yesterday announced financial results for the first quarter ending 31 March 2017, reporting a net profit of BD503,845 compared to BD967,712 in the first quarter of last year. Earnings per share for the period was 7 fils compared to 14 fi
Manama : Bahrain Kuwait Insurance Company yesterday announced financial results for the first quarter ending 31 March 2017, reporting a net profit of BD503,845 compared to BD967,712 in the first quarter of last year. Earnings per share for the period was 7 fils compared to 14 fils in the same period of last year.
The decline was attributed to the increased claims in fire, medical and marine insurances in Bahrain and Kuwait and also to the increase in unearned premium reserves in motor insurance.
Net income from investment increased by 118 per cent, from BD325,137 in first quarter of last year to BD708,640 in first quarter of this year.
Return on equity was 1.55pc compared with 2.98pc in the same period of last year. Net technical reserves rose from BD13.1m at the end of the previous year to BD15. 7m at the end of the current period.
Commenting on the results, Ebrahim Al Rayes, Chief Executive Officer said that the company has achieved a 7pc growth in gross premium revenue, from BD10.6m in the first quarter of last year to BD11.4m in the same period of this year.
Looking ahead, he said that the company is seeking to develop products and services to maintain its competitive position in both Bahrain and Kuwait.
