MANAMA: Shareholders of Bahrain Kuwait Insurance Company yesterday approved the board of directors’ recommendation to distribute a cash dividend of 20 per cent equivalent to 20 fils per share amounting to BD2,987,569 (excluding the treasury shares).

The general assembly, with a quorum of 85.83pc, also approved the rest of agenda items of this meeting.

Murad Ali Murad, the chairman, stated in his report the challenging circumstances of the previous period especially the subsequent disruptions caused by renewed uncertainties with new virus variants, where the board and management of BKIC upheld an unwavering commitment to the objective of guiding and overseeing the creation of long-term value through implementing sound business strategies.

The focal point of the company’s endeavours at any given time revolves around the notion of how to best serve all our esteemed customers.

Mr Murad mentioned that despite the continuous volatile market environment during a major part of the year, BKIC achieved a net profit attributable to the shareholders of BD4.15 million, compared to BD3.8m in 2020, representing an increase of 9pc.

The main reasons behind the increase in the company’s profits compared to the year before are mainly due the 28pc increase in the company’s underwriting profit deriving from its core business.

Mr Murad indicated that the key initiatives in the 2020-2022 strategy includes digital transformation of all the company’s business to improve customer service, as well as focusing on increasing and diversified growth levels, higher retention rates and rationalising the expenses in the company.

The board scrutinised its implementation to ensure the delivery of the desired initiatives is in progress and on track.

Dr Abdulla Sultan the chief executive said that despite the immense challenges in place, BKIC has performed extremely well in 2021 exploiting prolific operational endeavours which focused on enhanced underwriting, diversified distribution channels, spurred productivity and efficiency, and a prompt dedicated customer service base.

The substantial evidence enveloping the 2021 performance showcases and solidifies BKIC’s continuous role as the leading insurance company in the Bahraini and a major player in the Kuwaiti market.

As for the future outlook, Dr Sultan said, whether it would be the implementation of new digital distribution channels, new partnerships and strategic investments, or increasing the overall volume of business, all represent the constructs of the attitude and the driving forces behind improving BKIC’s financial acumen, solidifying its pioneer approach, and maximising shareholder value.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).