News Column

BNH registers net profit of $4.3m in first quarter

May 14, 2014

MANAMA: Bahrain National Holding Company (BNH) announced a net profit of BD1.63 million ($4.3m) for the first quarter as against BD1.25m for the same period last year.

BNH is the parent company of Bahrain National Insurance and Bahrain National Life Assurance.

BNH registered gross premium of BD7.4m, an increase of 15 per cent compared with the same period last year.

Net earned premiums remained flat at BD3.5m, the company said.

The underwriting profits improved to BD0.56m as against BD0.52m for the same period last year, the company added.

Group assets as of March 31 increased to BD85.4m from BD83.2m as of December 31 last year.

Net investment income for the period increased to BD1.24m, compared with BD0.83m for the same period last year.

Income from associates rose to BD0.243m compared with BD0.141m last year.

"We are pleased with the continued strong performance in both underwriting and investment activities," BNH chairman Farouk Almoayyed said.

"We are satisfied with our results considering the competitive market conditions," said BNH chief executive Sameer Al Wazzan.

"We have undertaken a number of initiatives to further improve our underwriting performance which we hope will bear results towards the end of the year," he added.

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Source: Gulf Daily News (Bahrain)