Bahrain Kuwait Insurance Company net profit crosses BD3m 

(MENAFN - Bahrain Tribune) Bahrain Kuwait Insurance Company reported a 2 per cent increase in net profit to BD3.62 million for the third quarter of the year from BD3.55 million during the corresponding period last year.

BKIC chief executive officer Ebrahim Al Rayes exuded confidence that the trend in growth would continue in the coming periods as well.

The strategic business plan for the three-year period, from 2008 to 2010, was discussed and approved by the board last December with some of the insurance and investment plans already being implemented.

Shareholder equity increased by 1 per cent from BD25.6 million for the Q3 last year to BD26 million this year.

The return-on-shareholder funds was put at 13.93 per cent as of the end of the Q3 compared to 13.86 per cent for the same period last year. Earnings per share stood at 60 fils as of this year's third quarter, against 59 fils in the same period last year. Underwriting profits increased by 61 per cent from BD 1.43 million in the third quarter last year to BD 2.29 million this quarter.

Investment income decreased to BD 1.54 million from BD 2.28 million in last year's Q3. This was attributed to recent bearish-market conditions. However, last year's figure includes BD588,000 of non-recurring profit achieved from the sale of part of the company's holding in United Insurance Company.