Bahrain Kuwait Insurance Company (BKIC) ended the 2019 year with a 14% decrease in its net profit to 2.7 million BHD (7.12 million USD).
This decline is mainly accounted for by the expenses of VAT on unearned premium reserves for the policies written before VAT implementation and by the voluntary retirement programme expenses amounting to 633 000 BHD (1.67 million USD).
The insurer's 2019 turnover remained stable to 81.7 million BHD (215.41 million USD) against 81.6 million BHD (215.72 million USD) one year earlier. BKIC's overall result improved, for its part, by 35% to 3.9 million BHD (10.28 million USD).
The insurer's assets grew by 16% and amounted to 246 million BHD (648.59 million USD) while the shareholder's equity rose by 6% to reach 38 million BHD (100.19 million USD)
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