Manama: Bahrain National Holding Company (Trading Code: BNH) announces the postponement of the publication of the company’s first quarter financial results for the period ended 31st March 2023, to 5th June 2023.
This decision has been made as Bahrain National Holding (“BNH”) and its insurance subsidiaries, Bahrain National Insurance Company B.S.C. (c) (“bni”) and Bahrain National Life Assurance Company B.S.C. (c) (“bnl”), have been working diligently with actuarial and accounting consultants to prepare the BNH’s consolidated financial statements for the period ended 31st March 2023 in compliance with the newly implemented IFRS17 accounting standard. This standard, which became applicable to insurance contracts starting from 1st January 2023, replace the previous IFRS4 accounting standard. Consequently, BNH’s trading at the Bahrain Bourse will be temporarily suspended from 15th May 2023, until the date of the financial results publication.
The introduction of IFRS17 as the standard for insurance reporting heralds a shift, not just in the way we report, but also how investors and analysts should examine the fundamentals of a sustainable insurance business. BNH remains committed to providing all stakeholders with accurate and transparent reporting of its performance. The adoption and migration to IFRS17 involves considerable data preparation, actuarial modelling, and financial statement preparation.
BNH, in coordination with its consultants, is working diligently to finalise all financial statements and is looking forward to their publication to stakeholders at the earliest.
