Bahrain National Holding Company (BNH) – the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) announced a net profit of BD2.04 million for the 3 months ended 31 March 2017 compared to BD1.42 million in 2016, an increase of 44%. This performance can be mainly attributed to the group’s investment portfolio which generated investment income of BD 1.9 million in the first quarter of 2017 compared to BD1.2 million in the same period in 2016.
Despite difficult market conditions, the group’s net earned premiums increased 6.2% from BD3.76 million in 2016 to BD3.99 million in 2017. Net underwriting profit was marginally lower at BD575 thousand compared to BD596 thousand primarily due to the impact of higher claims in the property and general insurance segment. The group has taken conservative provisions for potential bad debts, resulting in higher general and administration expenses.
Mr. Farouk Almoayyed, Chairman of BNH, expressed his satisfaction with the underwriting and investment results and his wishes for continued good performance for the rest of the year.
Mr. Sameer AlWazzan, Chief Executive of BNH, commented: “The Group has made good progress in improving its insurance portfolio, focusing on quality and profitability as well as providing the best services. As part of this strategy, BNI recently relocated its Muharraq branch to a more spacious and convenient location. We are also focusing on the training and development of our staff to meet the aspirations of the Board of Directors to achieve the group’s objectives.”
