Bahrain-Kuwait Insurance Co. posts 75% net profit increase
The Group General Manager of Bahrain-Kuwait Insurance Company (BKIC), Ebrahim Al Rayes, announced that BKIC achieved a 75 per cent increase in its net profit for the first quarter of this year.
The net profit reached BD847,441 for the period ending on March 31 compared with BD484,537 for the same period last year. The underwriting profit recorded a growth of 131 per cent to attain BD484,511 as of March 31 as opposed to BD209,951 on March 31, 2003.
BKIC’s investment income also recorded an increase of 44 per cent from BD291,816 in 2003 to BD419,705 in 2004. The earnings per share stood at 17 fils on March 31 against 10 fils on March 31, 2003. The return on shareholder funds as at March 31 was 5.86 per cent compared with 3.72 per cent for the same period last year, the Bahrain Tribune reported.
Al Rayes said that BKIC gross premium revenue increased by 13 per cent to BD 4,414,512 for the period under review as compared with BD3,917,955 in the first quarter of 2003. (menareport.com)
© 2004 Mena Report (www.menareport.com)