BKIC records an all-time high profit

Bahrain Kuwait Insurance Co (BKIC) has reported a net profit of BD4.149m ($11m), an all-time high since it was founded in 1976. Liquidity also rose to BD28.3m last year from BD28.1m in 2010, the firm said.

The current paid up capital of the company is BD 6.5 million and the number of shareholders is nearly 3,800. Gulf Insurance Company K.S.C, a listed entity registered and incorporated in the state of Kuwait, is the majority shareholder of the company, with 56.12% ownership of the shares.
BKIC was rated ‘A’ by AM Best rating agency, the highest in Bahrain’s insurance market, said chairman Abdulla Hassan Buhindi, Ameinfo reported.

BKIC is involved in all classes of insurance with the major categories being Fire, General Accident, Engineering, Marine, Motor, Group Life and Health. The total shareholders’ equity of the company as at end of 2011 stands at BD 28.6 million.