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Publication date: 29th November 2011

AM Best assigns “A-“rating to Bahrain Kuwait Insurance

Mr. Ebrahim Al Rayes, Chief Executive Officer of Bahrain Kuwait Insurance Company has announced BKIC has been assigned financial strength rating of “A-“ by AM Best. In their press release, AM Best have confirmed that the rating reflects, inter alia, BKIC’s strong capitalization, conservative investment strategy, excellent track record of technical profits and good standing in the operating markets – Bahrain and Kuwait. Mr. Ebrahim Al Rayes said this higher rating underscored the trust the insuring public have placed on the company in Bahrain and Kuwait and expressed his hope that they would continue to perform well for the benefit of all stakeholders.

Publication date: 1st November 2011

BKIC achieves Net Profit of BD 3.5 million in Q3 - 2011

Mr. Ebrahim Al Rayes – CEO of Bahrain Kuwait Insurance Company (BKIC) announced that the company has achieved an increase of 4% in the net profit from BD 3.3 million as of end the Q3–2010 to BD 3.5 million as of end the Q3–2011. It should be noted that the net profit of the three months period ended 30 September 2011 amounted to BD 858,000, as compared to BD 1 million for the same period last year.

The underwriting profit has increased by 8% from BD 3 million in the Q3-2010 to BD 3.2 million in the same period this year. Investment income recorded a decrease of about 2% from BD 821,000 in the Q3–2010 to BD 807,000 in the same period this year; this decline is due additional provisions for impairment of some investments made by the company.

Mr. Al Rayes also stated that the company has achieved an increase of 10% in the gross premium revenue from BD 25 million as of end the Q3–2010 to BD 27.5 million as of end the Q3–2011. This increase in the gross premiums reflects the great confidence that the company enjoys in the market and the ability to meet its obligations.

The return on Shareholders’ funds stood at 12.5% as of Q3-2011 despite the increase in shareholders' equity from BD 26.6 million in Q3-2010 to BD 27.9 million in Q3-2011. Earnings per Share increased to 53 fils as of end the Q3–2011 as against 51 fils for the same period last year.

Mr. Al Rayes said that in spite of the exceptional circumstances experienced in Bahrain during this year, the company was able to achieve good results, and it is expected that the company continues to perform at the same pace to achieve positive results at the end of the year.

Publication date: 28th July 2011

13% growth in its Net Profit BKIC achieves BD 2.6 Millions at the end of Q2-2011

Mr. Ebrahim Al Rayes – CEO of Bahrain Kuwait Insurance Company (BKIC) announced that the company achieved net profits of BD 2.6 millions at the end of Q2 – 2011 as compared to BD 2.3 millions for the same period last year.( the net profit of the last three months ending in 30th June 2011 is BD. 1.5 millions as compared to one million for in the for the same period last year).

The investment income increased by 60%, from BD. 461,000 in end of Q2 2010 to BD. 739,000 for the same period this year. The technical profit decreased by 3%, from BD. 2.27 million in the end of Q2 last year to BD. 2.21, this is mainly due to the change in unearned premium reserve method of calculation, which is more accurate and reliable.

 The Company also registered a higher gross premium revenue of BD 19.0 millions as of end Q2 – 2011 which amounted to a slight increase of 1% as compared to BD 18.8 millions for the same period in 2010. This increase is reflected in the gross earnings, which increased by nearly 2% from BD 6.5 millions in the Q2 – 2010 to BD 6.8 millions in the same period this year.

 The technical reserves increased by 9%, from BD. 12.6 millions in end of Q2 last year to 13.7 millions for the same period this year. The return on Shareholders’ funds is 9.5% as of end Q2 – 2011 compared to 9.3% for the same period last year. The increase is much more significant, considering the fact that the shareholder’s fund amount increased from 24.8 millions to 27.4 millions. Earnings per Share increased from 36 fils as of end Q2 – 2010 as against 40 fils as of end Q2 – 2011.

 Mr. Al Rayes also said (during the 2nd quarter of this year) that the company opened its 5th branch in Budaiya road to service the residents of the north governorate. This is in addition to the already existing branches in Arad, Manama, Salmabad and Riffa. The objective is to ensure the easy accessibility to BKIC’s services. He also mentioned that the company during this period lunched a new product for Indian community in Bahrain. This was done in cooperation with ICICI Lumbard, one of the largest insurance companies in India. Finally, Mr. Al Rayes said that the company always gets its strength from confidence of its clients and he hopes to maintain the same level of growth at year end.

Publication date: 13th June 2011

Bahrain Kuwait Insurance signs agreement with Kontra

Bahrain Kuwait Insurance has recently signed an agreement with Kontra for the interior design and decoration of BKIC's new headquarters in Seef District.  Kontra is a renowned company specialized in interior design and decoration. It has played an important role in modern and prestigious projects both in Bahrain and region.

The agreement was signed by both Mr. Ebrahim Al Rayes CEO of BKIC and Mr. David Bailey GM of Kontra in the presence of both companies' executive management and other members.

Commenting on this partnership, Mr. Al Rayes stated, " Shifting BKIC's offices to a newly designed, 11 storey, state of the art building (includes 80 car parking slots) aims to enhance our corporate image and core values as well as provides the staff and the customers with easy accessibility & ultimate levels of comfort and convenience.

As for the present building which is located in Diplomatic area, it will fall under the Company’s investments, which will contribute to the investment portfolio starting from next year.”            

On the other hand, Mr. Waleed Mahmood, GM of BKIC added "BKIC will continue to provide its services through its present Personal lines Insurance Center located in Diplomatic area, which reinforces its presences in various areas of the Kingdom and strengthens its leadership in Bahrain's market.”

Publication date: 25th May 2011

Bahrain Kuwait Insurance has launched a new medical insurance product in partnership with India’s ICICI Lombard General Insurance

BKIC hosted a function on 24th May 2011 at Golden Tulip Hotel to launch the company’s new medical insurance product in presence of Mr. Abdul Rahman Al Baker, Executive Director - Financial Institutions supervision of CBB, Mr. Ebrahim Al Rayes, Chief executive Officer of BKIC and other executive management members had attended the ceremony and Mr. Hitesh Kotak, Vice President, Strategic Planning Group represented ICICI Lombard General Insurance Company based in India. The invitees included representative of leading broking companies and members of various Indian professional and cultural groups based in Bahrain.

This product has a unique health insurance program “Health on Return” especially for Indian expatriates in Bahrain who need health insurance when they visit India. Equally important, the policy also provides for assured insurance protection when the person returns home for good, after a prescribed period. This product is expected to bring a greater amount of awareness of the benefits of health insurance and the importance of planning ahead.

Mr. Al Rayes, Chief Executive Officer of BKIC has stated:  “It gives us great pleasure to see BKIC as it continuously looks for new ways to improve its presence across various segments, and diversify its product portfolio. Our product is reinsured with the help of ICICI Lombard. ICICI Lombard would also assist BKIC in claim related services to be provided to insured during

Publication date: 24th May 2011

Bahrain Kuwait Insurance launches new Personal lines Insurance Center in Budaiya

BKIC has opened its new branch in the Northern Governorate in Budaiya road. The company’s executive management and other members have attended the ceremony.

The new Budaiya branch offers a wide array of personal insurance services to its customers including Motor, Travel, Home and Domestic help insurances.

In this ceremony ,Mr. Al Rayes,- Chief Executive Officer of BKIC has stated that “It gives us great pleasure to see BKIC as it continues the expansion of its branch network, in order to reach many of the kingdom's busiest areas and better serve the customers, enabling them to complete their transactions conveniently from wherever they are”.

The company currently has an expansive reach across Bahrain, with branches in the Diplomatic area, Salmabad, Arad, Riffa and now Budaiya.

On the other hand, Mr. Waleed Mahmood – General Manager has added that “the new branch has a trained and professional team that is able to provide BKIC’s customers with best analytical Insurance solutions at reasonable rates”.

The branch operates during week days from Saturday to Wednesday from 8am to 5pm.

Publication date: 31st March 2011  

Bahrain Kuwait Insurance Company Congratulates its General Manager for being elected an Associate of the Chartered Insurance Institute

 Mr. Waleed Ahmed Mahmood, General Manager of Bahrain Kuwait Insurance Company (BKIC), has been elected an Associate of the  Chartered Insurance Institute in the UK. He has also been awarded the use of descriptive title of Chartered Insurer. Waleed  successfully completed this certificate through Bahrain Institute of Banking and Finance (BIBF).

 The General Manager, Mr. Waleed Ahmed Mahmood, has a bachelor’s degree in Industrial Management - Specialization in Marketing obtained from King Fahad University of Petroleum and Minerals, Saudi Arabia. Additionally, he has completed a Master’s degree in Business Administration from the University of Westminster, UK. Prior to joining this company in February 2005, Mr. Waleed had held managerial positions in other two insurance companies in the Kingdom of Bahrain

On this occasion, Mr. Ebrahim Al Rayes – The Chief Executive Officer of BKIC congratulated the General Manager for his significant achievement and wishes him continued success.

 Publication date: 7th March 2011  

Bahrain Kuwait Insurance Company promotes 3 of its employees

BKIC has recently announced the promotion of a number of its employees whose achievements and continuous contributions have proved their dedication in achieving the company’s objectives. 

The promotions covered the following Departments:

Accounts Department, Ms. Wedad Al Aradi promoted to Deputy Manager
Life & Medical Department, Mr. Asok Kumar promoted to Deputy Manager
Motor Claims/ Recoveries Department, Ms. Noora A. Rasool promoted to Assistant Manager.

The Executive Management has congratulated its staff for their promotion, wished them good luck on assuming their new responsibilities and is looking forward to a prosperous future with them.

Publication date: 29th Feb 2011

BKIC declared 35% cash dividend BD 4.1 Million the net profit in 2010

The shareholders of Bahrain Kuwait Insurance Company (BKIC) in its Annual General meeting held on Monday 28th February 2011, have approved the distribution of a cash dividend of 35% (35 fils per share). During the meeting four new Board of Directors have been elected for the coming three years i.e. Mr. Abdulla Hassan Buhindi, Mr. Murad Ali Murad, Mr. Hasan Zainalabedin and Dr. Abdul Rahman Ali Saif. Also,  six  directors have been appointed i.e. Mr. Khalid Sauod AL Hassan, Mr. Adnan Ahmed Al Baghli, Mr. Shawqi Ali Bin Yousif Fahkro, Mr. Esam Abdul Khaliq and Mr. Bijan Khosrowshahi representing the majority shareholder of the company (GIC), Kuwait and Mr. Emad Jawad Bu Khamseen representing Warba Insurance Company, Kuwait.   

Mr. Abdulla Hassan Buhindi, the Chairman of the Board of Directors stated that “in spite of more difficult and competitive market environment in Bahrain and Kuwait, BKIC achieved a net profit of BD 4.1 million ($10.9m) in 2010 compared to BD 4 million in 2009 and the company still maintains its leadership in Bahrain's market, and that the profit for 2010 has been the best ever since the company started its operations”.

Mr. Buhindi also said that the company has achieved a return on shareholder’s fund of 15% for the year. Shareholder’s equity registered an increase of 12% from BD 24.4 million in 2009 to BD 27.4 million in 2010. The liquid funds have increased from BD 25 million in 2009 to BD 28 million in 2010.  The earnings per share increased from 62 fils in 2009 to 64 fils in 2010. He also added that the Board of Directors has approved the business plan which the company formulated for three year period (2011-2013) which includes the introduction of new products and increased distribution channels and improved service quality.

Mr. Buhindi revealed that the Company has recently completed purchase of a new 11 storied building in Seef District to serve as the head office of the Company as for the present building which is located in Diplomatic area will be within the Company’s investment portfolio.

Mr. Ebrahim Al Rayes – The Chief Executive Officer of BKIC stated that the company has achieved an increase of 5% in the gross premium revenue from BD 31.8 million in 2009 to BD 33.4 million in 2010. This growth reflects the confidence of clients in the financial strength and good reputation of the company.

 

On training front – during the year 2010 the company nominated employees for over 45 courses on different subjects conducted by Bahrain Institute of Banking and Finance (BIBF).  70 employees have benefited from these courses. In December 2010, 11 employees have graduated from various courses. This includes eight in Advanced Diploma in Insurance, one in Professional Insurance Certificate (PIC) and one in Certificate of Personnel Practice (CPP) and one employee qualified as Associate of Chartered Insurance Institute (ACII). 

As for regards development arena, the company has introduced two new covers in Motor insurance (the Gold and the Platinum) which include additional benefits that were not part of the standard comprehensive policy.

 

In the year 2010, our company signed a Memorandum of Understanding (MOU) with Bank of Bahrain and Kuwait to take advantage of their large client base for marketing personal insurance such as Motor, Home, Travel, Life and Medical, etc. 

 

We have also embarked on an ambitious reinsurance programme in cooperation with the majority shareholder of the Company (Gulf Insurance Company) and its subsidiaries with the aim of increasing retained premium and commission income.  The changes were broad based in nature and included proportional and non proportional treaties across all classes of business.  This arrangement is first of its kind in the region.

 

Mr. Al Rayes predicted that the oil prices will remain at the current high level in the short and medium terms.  Consequently, the developmental process is expected to continue in the region and have a positive impact on insurance activities.

 


Current Rating: "BBB" with negative outlook. Information on the most current rating is available at www.standardandpoors.com Or from Standard & Poors at +1 212 438 2400. Ratings are not a guarantee of an insurers financial strength nor a recommendation as to the insurer.






 
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