Bahrain Kuwait Insurance Co.

Further to its annual review, A.M. Best International has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “A-” of Bahrain Kuwait Insurance Company B.S.C. (BKIC), and the outlook for both ratings is stable. The ratings reflect BKIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in the financial strength of BKIC’s parent company, Gulf Insurance Group K.S.C.P., due to BKIC's strategic importance to the group. Dr. Abdulla Sultan, CEO of BKIC stated that Management is pleased with the company, as well as its subsidiary, holding the A- Credit Rating which evidently reflects the financial strength of the company and its ability to meet its short and long-term obligations. He added that the company has an excellent record of profitability reflecting excellent investment and underwriting performance for various types of insurance in Bahrain and Kuwait. He also stated that BKIC and its subsidiary Takaful International Company B.S.C. are the only local Bahraini insurance companies that are listed, to be rated A-.

As we recognize World Mental Health Day, we created an empowerment checklist to emphasize on how prioritizing self-care can be particularly beneficial for those fighting cancer. Taking time for yourself isn’t just a luxury; it’s essential for emotional and physical well-being.

October is Breast Cancer Awareness Month. Let's come together to raise awareness about the disease, and to encourage people to get tested. Early detection can save lives.

Bahrain Kuwait Insurance Company B.S.C. is proud to be Certified™️ by Great Place To Work®️ for the 3rd year in a row. The prestigious award is based entirely on what current employees say about their experience working at the company. Great Place To Work®️ is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.

Bahrain Kuwait Insurance Co. congratulates you on the blessed ocassion of the Prophet’s Birthday

We are proud of our strategic collaboration with Al Hilal Healthcare Group

في إطار خططها المستمرة لتعزيز بيئة العمل، نظمت شركة "ريموت آبس" فعالية "يوم الآيس كريم" لموظفي الشركة البحرينية الكويتية للتأمين. تهدف الفعالية إلى إدخال البهجة والسرور بين الموظفين وتعزيز الروح الإيجابية في بيئة العمل. As part of its ongoing plans to enhance the work environment, Remote Apps organized an "Ice Cream Day" event for the employees of Bahrain Kuwait Insurance Company. The event aims to bring joy and delight to employees and foster a positive spirit in the workplace.

The financial results for the six months ended 30th June 2024 The consolidated financial results for the half-year period ended 30th June 2024 presented a net profit attributable to the shareholders of BD 2.938 million, compared to BD 2.778 million for the same period last year, representing an increase of 6%. Earnings per share were 20 fils during the current period compared to 19 fils of the same period last year. The total comprehensive income attributable to the shareholders was BD 2.243 million compared to BD 2.531 million for the same period last year, registering a decrease of 11% primarily due to a reduction in investments fair values. Insurance revenue increased by 9% from BD 51.833 million in the first six months of last year to BD 56.658 million in the first six months of the current year. The Insurance service results increased by 11%, from BD 1.984 million in the First half of last year to BD 2.204 million in the first half of the current year. The total investment income decreased by 2%, from BD 2.558 million in the first half of last year to BD 2.495 million in the first half of the current year due to the non-recurrence of gain on sale of investments this year. The total shareholders’ equity as at end of June 2024 was BD 42.305 million compared to BD 44.229 million as at end of last year, representing a decrease of 4% mainly due to allocation towards increased shareholders’ dividends payouts. The total assets by the end of June 2024 reached BD 182.010 million compared to BD 171.471 million as at end of last year, representing an increase of 6%. The net Insurance contract liabilities increased from BD 62.491 million at the end of the last year to BD 64.124 million at the end of the current period.

Bahrain Kuwait Insurance Company (BKIC) B.S.C. (trading code in Bahrain Bourse “BKIC” and in Boursa Kuwait “BKIKWT”) announced its consolidated financial results for the six months ended 30th June 2024. Board of Directors’ Comments Upon concluding their review of the Company’s results and achievements, all members of the Board expressed their satisfaction: “Not only is the Board pleased with the results for the first six months of 2024, but all evidence suggests, whilst monitoring the key strategic projects, that the Company is progressing in a very solid, sound, and prudent method. The Board furthermore commends the initiatives through April promoting three Bahraini colleagues to executive management positions. The vision of enhancing the leadership team in this manner coincides with the ambitions and goals in place.” Clearly, when aligning both the support and confidence of BKIC customers and business partners along with the conviction and valiant effort of both management and employees, the formula consistently stays geared to achieve continuous success, such whereas it inevitably pleases the Board on all fronts. Chief Executive Officer’s Comments Echoing the sentiment shared by the Board, BKIC’s CEO Dr. Abdulla Sultan reiterated how the Company's consolidated results in the 1st half of 2024 are not only gratifying, but they likewise reflect the strives forward in embracing innovation through the launch of BKIC’s distanced based Green Motor insurance product, available only for its online customers. Not only that, but through enhancing its ESG goals, the Company has embarked on sponsoring the first Electronic Vehicle forum in Bahrain whereas raising awareness and attracting numerous participants across the GCC has helped embrace such newly evolving product. Dr. Sultan’s comments continued: “The Company has surfed the waves during the second quarter over the challenging circumstances through the heavy flood events in the Kingdom of Bahrain. Although the inflation-driven increase in claims severity in Medical and Motor insurance had its impact, the Company’s strategy remained conservative in its estimates and reserving which in turn has allowed for continuous sustainability within the organization. Notably, despite such challenges and largely due to the disciplined methodology adopted, the underwriting performance has improved.” Concluding his remarks, Dr. Sultan extended his words of praise: “On this occasion I would like to thank all teams at BKIC Bahrain, BKIC Kuwait, and our subsidiary for all their efforts throughout the first half of 2024. The teams remain determined and consistently continue to demonstrate their outstanding dedication, hard-work and commitment to the Company.”

As part of our community initiatives, Bahrain Kuwait Insurance Co. and Takaful International Co. donated school supplies to support the Royal Humanitarian Foundation’s efforts to provide a suitable educational environment for orphaned children.