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 |
BKIC In 2009
Authorized capital | 26 441 000 USD |
Paid up capital | 16 033 161 USD |
Turnover | 84 194 720 USD |
Shareholder's equity | 64 495 025 USD |
Total assets | 207 632 344 USD |
Technical result | 10 168 085 USD |
Net result | 10 653 695 USD |
ROE | 15.76% |
Loss ratio | 52.8% |
Combined ratio | 67.2% |
Number of branches | 2 (Bahrain and Kuwait) |
Number of employees | 157 |
Management
Chief executive officer | Ibrahim Sharif Al Rayes |
General manager - Bahrain | Waleed Ahmed Mahmood |
General manager - Kuwait | Abdullah Rabia Mohammed |
Deputy general manager - Bahrain | K. Sai Gopal |
Deputy general manager - Kuwait | S. Ramakrishnan |
Main shareholders
Gulf Insurance Company K.S.C. | 51.19% |
Warba Insurance company | 13.33% |
BBK B.S.C. | 6.77% |
Other Bahraini shareholders | 28.71% |
Main technical highlights: 2005-2009
in USD2005 | 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 |
Evolution of premiums, losses , management expenses and results
in USDTurnover's evoultion per country: 2005-2009
in USD2005 | 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 USD2005 | 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% |
Turnover's evolution: in millions USD | Net result's evolution: in millions USD |
Shareholder's equity's evolution: in millions USD | Technical reserves' evolution: 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 |
Contact
Head office | BKIC House, 168, Road 1703, Diplomatic Area 317, PO Box 10166, Manama, Kingdom of Bahrain |
Phone | (+973) 1754 2222 |
Fax | (+973) 1753 0799 |
info [at] bkic [dot] com, bkicbah [at] batelco [dot] com [dot] bh | |
Website | www.bkic.com [4] |