Bahrain National Holding Company (Trading 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 31st March 2021.
The Group achieved a net profit attributable to the shareholders of BD1.89 million, compared to BD1.17 million during the first quarter of the previous year, an increase of 61%. Earnings per share during the first quarter was 16.7 fils compared to 10.4 fils in the first quarter of the previous year. The total comprehensive income attributable to the shareholders for the first quarter ended 31st March 2021 was BD1.47 million, compared to loss of BD1.77 million during the previous period of last year.
The Group achieved net earned premiums in the first quarter of BD4.40 million, compared to BD 4.28 million in the first quarter of 2020, an increase of 3%. The Group reported underwriting profit of BD 1.08 million during the first quarter, compared to BD 872 thousand in the first quarter of the previous year, an increase of 24%. The net investment income after impairment loss increased by 48% to BD979 thousand during the first quarter, compared to BD663 thousand in the first quarter of the previous year.
The increase in the net profit for the three months period ended 31st March 2021 in comparison to of similar period of the previous year was primarily due to the significant improvement in underwriting profits and strong investment income.
The total shareholders’ equity (excluding non-controlling interest) as of the three months period ended 31st March 2021 decreased by 2% to BD56.08 million compared to BD57.25 million as at the end of 2020. The total assets reached BD113.96 million compared to BD110.69 million as at the end of previous year, with an increase of 3%.
Mr. Farooq Almoayyed, Chairman of Bahrain National Holding, commented: “We are pleased with the strong performance of the group, particularly the improvement in the performance of our associates compared to previous year. The group has successfully grown its topline as well as underwriting profits, in a competitive environment. Supportive market conditions have also helped the group improve on its portfolio investment performance.”
Mr. Sameer AlWazzan, Chief Executive of BNH, commented: "The Group achieved and a significant increase in profits in the first quarter of 2021. This reflects the dedication of the Board of Directors and the Group's employees despite the exceptional circumstances and challenges imposed by the pandemic. It also reflects our commitment in achieving the strategy set by the Board of Directors."
He also commented: "The upgrade of the core system underwriting modules has been completed, and this will be the foundation for further digitalization, enabling the group to develop many of its products and services."
"We are sure that 2021 will be a good year in terms of technical results and investments, which would allow us to offer more innovative digital services in the near future to meet the requirements of our valued customers" add Mr. AlWazzan.
Reviewed financial statements for the three-month period ended 31st March 2021and the press release is available on our website www.bnhgroup.com and the Bahrain Bourse’s website.