Manama:- Bahrain National Holding Company (Stock Exchange Code: BNH) – the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) announces its financial results for the first quarter period ended 31 March 2019. The Group has achieved a net profit of BD1.47 million for the first quarter of 2019; against BD682 thousand for the same period of last year, an increase of 115%. The net profit attributable to the shareholders of the parent company for the three-month period ended 31st March 2019 was BD1.41 million, higher by 120% as compared to BD639 thousand achieved in the same period of last year.
Gross premiums increased by 3.7% to BD9.48 million compared to BD9.15 million in same period of 2018 whereas the net earned premiums increased by 11% to BD4.39 million for the first quarter of 2019, compared to BD3.97 million in same period of last year. Underwriting profits showed a marked improvement to BD516 thousand during the first quarter of 2019, compared to a loss of BD853 thousand in same period of last year, thanks to improvements in all Group business segments. As a result, earnings per share increased to 12.5 fils compared to 5.7 fils for the same period of 2018. The total comprehensive income for the first quarter of 2019 was BD2.46 million compared to BD438 thousand for the same period of last year, an increase of 462%.
The increase in the net profit for the first quarter of 2019 in comparison to the last period of last year can be primarily attributed to increase in net earned premium and lower net claims incurred.
