BKIC’s net profit hits USD1.6m in Q1

10 May 2015

(MENAFN) Bahrain Kuwait Insurance Company (BKIC) says its first quarter net profit reached USD1.6 million, compared to USD5 million for the same period last year, Gulf Daily News reported.

The Company’s last year profits, which amounted to USD5 million, being non-recurring and one time gain on sale of investment property, BKIC’s Chairman said.

However, BKIC’s Technical profits for the current year reached USD926.730 thousand, compared to USD1.5 million for the corresponding period last year.

The reduction in technical profits caused by several factors, the increase in loss ratio, in fire and general accident department, was the most important.

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