The improved performance was due to growth in premium, strong investment performance, better cost control and lower claims, the company said in a statement.
The group's comprehensive income increased to BD4.16m last year as against BD2.84m in 2012.
It posted a net profit of BD0.67m for the fourth quarter of last year compared to BD0.91m for the same period in 2012.
Gross premiums grew by 7pc to BD24.92m compared to BD23.31m in 2012 due to growth in general, motor and medical insurance.
The group registered an increase in its underwriting profit before adjustments for life actuarial reserve of BD1.44m last year compared to BD1.24m in 2012.
However, after a charge of BD0.17m to life actuarial reserve, the net underwriting profit was BD1.27m compared to BD1.49m in 2012.
Group investment income increased by 37.2pc to BD3.02m compared to BD2.20m in 2012, due to an increase in income from portfolio investments.
Group total assets increased to BD83.04m last year compared to BD76.74m in 2012.
The group has achieved a return on equity of 6.7pc for last year as compared to 5.4pc in 2012. Earnings per share has increased from 20.1 fils to 27.8 fils last year.
As for the group's subsidiaries,
Based on the performance for 2013, the board of directors has recommended a dividend of 18pc to shareholders, subject to approval of concerned authorities and the Annual General Meeting.
Group chairman Farouk Almoayyed said he was pleased with the group's strong overall performance, improved financial results and continued business growth.
"Looking ahead, we recognise that 2014 will be another challenging year, with a continuation of soft market conditions and increasing competition.
"However, given the strong underlying economic fundamentals, we remain optimistic about future outlook for the regional insurance industry, and its potential for growth and increased penetration," he said
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