Bahrain Kuwait Insurance B S C : Financial Results 31st December 2025

About this update from Bahrain Kuwait Insurance Company Bsc

‌D. i i Bahrain Kuwaic I nsursnce Company B.S.C. BAHRAIN Wednesday, 18 r h February 2026 To: Boursa Kuwait Mubarak AI Kabeer Street, AlSharq P.O. Box 22235, Safat 13083, Kuwait Sub: BKIC Audited Consolidated Financial Statements - 31" December 2025 We have pleasure in informing you that the Board of Directors of Bahrain Kuwait Insurance Company (BSC) has approved on Wednesday 18 t h February 2026 the audited consolidated financial statements for the year ended 31" December 2025. The financial information forms along with the approved auditor's report are attached herewith for your kind reference and records. Thanks and best regards, Yours sincerely, Ali Hasan Fardan Senior Manager Legal and Compliance and Secretary to the Board Encosures/ ‌ Approved financial statements. Approved auditor's report This form shall not be deemed to be complete unless the documents mentioned above are provided 2024-12-31 2025-12-31 (8) 4,226,437 3,876,982 (8) 29 26 82,526,875 i 123,394,672 32 152,098,850 201,121,580 ! 36 9,947,3S5 13,487,714 43 113,652,651 162,052,751 3 | 36,712,337 37,903,275 18 42 _ 2,365,400 1,432,469 ! 2,791,767 2,037,033 N/A N/A N/A 0.25 1.223 1.226 Statement Net Profit (toss) represents the amount attributable to the owners of the parent Company s L•5i I(i ) > Basic & Diluted Earnings per Share CurrentAssets Current Liabilities Total Liabilities Total Equity attributable to the owners of the Parent Company Total Operating Revenue Net Operating Profit (Loss) Accumulated Loss/ Paid-Up Share Capital Exchange Rate 1 Financial Results Form Non-Kuwaiti Company 2024-12-31 2025-12-31 (21) 954,242 752,183 (21) 6 5 142 232,325 563,037 20727 (2,346) 483,882 ‌ Statement Net Profit (Loss) represent the amount attributable to the owners of the parent Company , Basic & Diluted Earnings per Share Total Operating Revenue ) i Net Operating Profit (Loss) Not Applicable for first Quarter •b*! 'W * * The decrease in the net profit for the year ended 31" December 2025 in comparison to the previous year is i 31 ! QM! /! @ 5* * a due to the first-time implementation of the 15% ml**! ul1 " r^* TQa• #2025 8 Domestic Minimum Top-up Tax in Bahrain and Kuwait, • his s lg T ip J 5 %15 ! +z•}! which came into effect in January 2025 for I b I â0 Lz dJ g2025 Btu. ! •>- multinational companies and was not reflected last I' ! J year. 1,099,935 2 Financial Results Form Non•Kuwaiti Company ‌Statement " 43 --- Net Profit(Loss) represents the amount attributable to the owners of the parent Company 2024-12-31 2025-12-31 (8) 5,168,932 4,753,179 (8) 35 32 50 1fXl,930,369 151,281,868 33 186,016,893 246,575,057 36 12,165,615 16,535,937 Basic & Diluted Earnings per Share Current Assets Total Assets Current Liabilities Total Liabilities 138'997,192 198'676'67 - ..1 .. .. .... .. . .. 44,899,188 46,469,415 Total Equity attributable to the owners of the arent ompany 18 2,892,884 3 422 706 "" " ' Total Operating Revenue 43 1,75 1,905 2,497,403 Net Operating Profit (tossj '* " N/A N/A 2024-12-31 N/A 2025-12-31 Accumulated Loss/ Paid-Up Share Capital Statement Not Applicable for first Quarter Financial Results Form attributable to the owners of the parent Company ] f4et Profit (You) represents the amoum 1,167,038 922,176 (21) 284,134 690,280 20,778 (2,869) 593,240 " gi yM i e Basic & Diluted Earnings per Share Total Operating Revenue Net Operating Profit (Loss) ‌1. Unqualified Opinion Qualified Opinion 3. Disclaimer of Opinion Adverse Opinion .2 .3 In the event of selecting item No. 2, 3 or 4, the following table must be filled out, and this form is not considered complete unless it is filled. NIL NIL "Financial Results Form 4 ‌Corporate Actions 2S% of par value NIL NIL NIL The Company's Board of Directors proposed the distribution of BD 0.025 per share to the shareholders for the fiscal year ended 31/12/2025. This recommendation is subject to the approval of the shareholders at the annual general assembly and the regulatory authorities. NIL NIL NIL Cash Dividends Bonus Share Other Dividend No Dividends NIL NIL Company Seal NIL |ssue Premium NIL Signature NIL Title Capital Increase Capital Decrease Name financial Results F-orm Senior Manager Legal and Compliance and Secretary to the Board 5 Ali Hasan Fardan ‌Independent auditor's report to the shareholders of Bahrain Kuwait Insurance Company B. S. C. Report on the audit of the consolidated financial statements Our opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Bahrain Kuwait Insurance Company B.S.C. (the "Company's and its subsidiary (together the °Group') as at 31 Deoember 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. What we have audited The Group's consolidated financial statements comprise: the consolidated statement of financial position as at 31 December 2025; the consolidated statement of proFa or loss for the year then ended; the consolidated statement of comprehensive income for the year then ended; the oonsotidated statement of cash flows for the year then ended; the consolidated statement of changes in equity for the year then ended; and the notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Aud"itor's responsibilities far the aud"it of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountant (IESBA Code) as applicable to audits of financial statements of public interest entities and the ethical requirements that are relevant to our audit of the consolidated financial statements in the Kingdom of Bahrain. We have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. www.pwc.‹:om PricewaterhouseCoopers M.E Limited Offico no. 4701, Building no. 1458, Road no. 4626, Block no. 346, P.O. eox sozz1, Panama/See Front, Kingdom of Bahrain T: +973 17 118000, F: +873 17 540556, CR no. 47378 ‌- #EMfC Independent auditors report to the shareholders of Bahrain Kuwait Insurance Company B. S. C. (continued) Repo/I on the audit o/'the consolidated financial sfafemenfs (continued) Our aiidlt approach Overview Key audit matter Valuation of liability for claims incurred but nol reported As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidaled financial stalements. In particular, we considered where the Board of Directors made subjective judgements; for example, in respeo of significant accounting estimates that involved making assumptions and considering Mure evenB that are inherently uncertain. As in a¥ of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material micstatemant due to fraud. We tailored the scope of our audit in order to perform sufficient work to enable ua to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operatea. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the Key audit matter Valuation of liability for clalma incurred but not As at 31 December 2025, as disclosed in note 8, the liabilities for incurred claims included the estimates of the present value of future cash flows of BD 163,74B thousand (2024: BD 101,377 thousand). The estimates of the present value of future cash flows indude the best estimate of the ultimate cost of all daims incumed but not settled at the reporting date, whether reported or not, together with the related claims handling costs. The estimate for the daims incurred but not reported (IBNR) is a key judgment area as it requires the use of complex aNuarial methods to estimate uncertain and future contractual caahfiowa. We performed the following procedures: Understood and evaluated managemenfs claims handling process and tested key conlrols. Obtained the IBNR valuation prepared by management's external actuarial experts together with the underlying key judgments and assumptions. Evaluated the competence, capabilities and objectivity of management's ememal actuarial experts based on their qualifications and experience and assessed their independence. ‌Independent auditors report to the shareholders of Bahrain Kuwait Insurance Company B. S. C. (continued) Report on the audit of the consolidated financial statements (continued) It requires management to apply significant judgment in selecting actuarial methods and assumptions. These estimates are sensitive to changes in assumptions and rely in part on historical experience that may not be fully representative of future daim development. Given the high degree of estimation uncertainty, the use of complex actuarial models, and the level of judgment involved, we have considered the IBNR component of the estimates of the present value of future caah flows to be a key audit matter. - Performed substantive tests, on a sample basis, on the amounts recorded for claims notified and paid; including comparing the claims' amounts to appropriate cource documentation. Tested the completeness and accuracy of the underlying daims data used as inputs into the actuarial models by reconciling to the accounting records. Involved our actuarial specialists to: evaluate the methodology used by management's external actuarial experts in the valuation of the IBNR against the requirements of IFRS 17 "Insurance Contracts" as well as alignment with industry assess the appropriateness of key actuarial assumptions used induding expected ukimate losses, year-on-year movements, claims development patterns, claims ratios, and discount rates; independently calculate the IBNR, on a sample basis, using sensitivity testing on the key areaa of judgement to develop a reasonable range, taking into account the time value of money, and compare the results with the amounts recorded by management; and assess the adequacy and appropriateness of the related disclosures in the consolidated financial statements. Performed overall conclusion analytics on the liabilities for incurred daims. ‌- @WC Independent auditor's report to the shareholders of Bahrain Kuwait Insurance Company B.S.C. (contlnued) Report on the audit of the consolidated financial statements (continued) The Board of Directors is responsible for the other information. The other information comprises the Board of Diredors report (but does not indude the consolidated financial statements and our auditor's report thereon), which we obtained prior to the dale of this auditor's report, and the complete annual report, which is expected to be made available to us aRer that date. Our opinion on the consolidated financial statements does not cover the other information and we do not and will not express any form of assuranoe condusion thereon. In connection with our audit of the coneolidated financial sotements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise eppears to be materially miastated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. When we read the annual report, if we condude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance. E !s u bil .s o f th • charged wi overr nce for It c s solids °d fiinanci s tements The Board of Diredors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards and the Bahrain Commercial Companies Law number (21) of 2001, as amended (the Commercial Companies Law), the Central Bank of Bahrain (CBB) Rulebook (Volume 3) and for such internal control as the Board of Directors determines is necessary to enabla the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements. the Board of Directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, aa applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance, i.e., the Board of Directors, are responsible for overseeing the Group's financial reporting process. ‌Independent auditor's report to the shareholders of Bahrain Kuwait Insurance Company B. S. C. (continued) Report on the audit of the consolidated financial statements (continued) Auditors responsibllities for fhe audit of the consolidated financial statements Our objeNives are to obtain reasonable assurance about whether the consolidated financial matements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance, bN is not a guarantee that an audil conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeded to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We alao: Identify and assess the risks of material misstatement of the consolidated financial stataments, whether due to fraud or error, design and perform audit prooedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resuhing from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but nol for the purpose of expressing an opinion on the effeNiveness of the Group's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Diredors. Condude on the appropriateness of the Board of Directors' use of the going conoem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disdosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements. induding the disdosures, and whether the consolidated financial ctatemente represent the underlying transaoions and events in a manner that achieves fair presentation. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial atatemenD. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. ‌Independent auditor's report to the shareholders of Bahrain Kuwait Insurance Company B.S.C. (continued) Report on the audit of the consolidated financial statements (continued) Auditor's responsibilities for the audit of the consolidated financial statements (continued) We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threaa or safeguards applied. From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the consolidated financial statements of the current year and ere therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disdosure about the mmter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report beause the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on other legal and regulatory i equirements As required by the Commercial Companies Law and the CBB Rulebook (Volume 3), we report the following: I. The Group has maintained proper accounting records and the consolidated financial statements are in agreement therewith; The financial information contained in the Board of Directors report is consistent with the consolidated financial statements; Nothing has come to our attention which causes us to believe that the Company has, during the year, breached any of the applicable provisions of the Commercial Companies Law, the CBB Rulebook (Volume 3 and applicable provisions of Volume 6), the Central Bank of Bahrain and Financial Institutions Law and CBB directives or the items of its Memorandum and Articles of Association that would have a material adverse ePect on its activities for the year ended 31 December 2025 or its financial position as at that date; and SatisfaNory explanations and information have been provided to us by the Board of Directors in response to all our requests. ngagement paMer on the audit resulting in this independent auditor's report is John Molloy. Partner's registration number: 255 PricewaterhoueeCoopers M.E Limited Manama, Kingdom of Bahrain 1 February 2026

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