BKIC

The creation of Bahrain Kuwait Insurance Company (BKIC) dates back to 1975. Being a bi-national company by its shareholding, BKIC has its headquarter in Manama. It underwrites risks in all life and non-life insurance classes of business. Operating simultaneously on two national markets, Bahrain and Kuwait, BKIC may be regarded as a pioneer company of the Gulf markets integration.

Despite the slowdown of its 2009 turnover, BKIC has witnessed, since its establishment, a steady development of its portfolio. All of its technical and financial indicators are positive. The company is dotted with an important shareholder's equity, which provides it with a comfortable solvency margin. Solid and well run, BKIC benefits from an excellent reputation on the markets. It symbolizes a mastered success.

The slowdown in its 2009 turnover may be regarded as an accident which coincided with the world's economic crisis in full swing. With the recovery ahead and the perspectives of the Middle Eastern market, BKIC may easily bounce back and rank high in the realm of local insurers.

Abdullah Hassan Buhindi	Ibrahim Sharif Al Rayes
Chairman	Chief executive officer

Main technical highlights: 2005-2009

in USD

	2005	2006	2007	2008	2009
Gross written premiums	59 388 435	71 267 223	72 213 834	94 637 471	84 194 720
Written premiums net of reinsurance	19 091 186	19 141 433	19 888 341	24 940 458	28 651 949
Net earned premiums	17 570 382	18 967 778	18 857 783	22 954 270	27 774 774
Gross incurred losses	32 246 950	29 742 920	34 680 952	39 831 216	35 517 196
Net incurred losses	11 703 161	11 740 912	12 387 459	12 935 201	14 670 601
Net loss ratio	66.6%	61.9%	65.7%	56.4%	52.8%
Management expenses1	5 377 368	8 616 875	9 857 591	11 963 556	12 119 560
Technical result	4 154 325	5 087 445	4 445 143	7 993 055	10 168 085
Net result	6 645 425	9 247 636	10 510 349	9 785 877	10 653 669

¹ Overhead expenses + commissions

Evolution of premiums, losses , management expenses and results

in USD

Turnover's evoultion per country: 2005-2009

in USD

	2005	2006	2007	2008	2009
Bahrain	29 741 599	38 839 253	39 264 300	61 251 896	64 232 333
Kuwait	29 646 836	32 427 970	33 449 534	33 385 575	19 962 387
Total	59 388 435	71 267 223	72 713 834	94 637 471	84 194 720

Turnover's evolution per class of business: 2005-2009

in USD

	2005	2006	2007	2008	2009	2009 shares	2008/09 growth
Fire & accident1	35 901 024	47 522 701	46 605 786	68 097 158	59 113 985	70.2%	-13.2%
Marine2	7 114 323	7 538 389	9 175 726	8383 086	5 782 081	6.9%	-31%
Motor	16 373 088	16 206 133	16 932 322	18 157 227	19 298 654	22.9%	6.3%
Total	59 388 435	71 267 223	72 713 834	94 637 471	84 194 720	100%	-11%

¹ Fire & accident: including fire, accident, engineering, health, life and special risks ² Marine: including marine cargo, marine hull and aviation

Turnover's evolution: 2005-2009 in millions USD	Net result's evolution: 2005-2009 in millions USD

Shareholder's equity's evolution: 2005-2009 in millions USD	Technical reserves' evolution: 2005-2009 in millions USD

Ratios' evolution: 2005-2009

Exchnag rate USD/BHD as at 31/12	2005	2006	2007	2008	2009
	0.37619	0.37635	0.36894	0.37405	0.37580