(MENAFN) Bahrain Kuwait Insurance Company (BKIC) announced that its net profit has reached BD3.7 million during the January-September period of this year, increasing by 30 percent compared with BD2.8m registered during the same period in 2013, while its third quarter net profit was BD1.1m compared to BD828,000 for the same period last year. Gulf Daily News reported.
BKIC said that its investment income at the end of the third quarter grew by 98 percent, reaching BD2m compared with BD1m in the same period of 2013, while the company's gross premiums registered a growth of 9 percent, amounting to BD28.2m by the end of this year's third quarter compared with BD25.8m registered at the same period in 2013.
"One of the main challenges that we are facing at present is the fierce competition between the insurance companies in both Bahrain and Kuwait markets alike, especially in the motor and medical insurance, which put more pressure on prices that consequently affect the profits of these companies," BKIC's CEO said.
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