Al Ahlia posts 8pc growth
Manama, September 30, 2007
Al Ahlia Insurance has registered a 8.2 per cent growth in gross premium for the second quarter of fiscal year 2007.
This is compared to the second quarter of fiscal year 2006, said a report in the Khaleej Times.
Established in 1976 Al Ahlia, a subsidiary of Damac Holding and one of the oldest public shareholding companies providing insurance in Bahrain, has grown fast. The company attributes its growth to its effort to explore avenues to adapt products that suit the needs of society and introduce new products that meet the needs of future lifestyles, the report added.
"The company's gross premium grew to Dh57,460,736 ($15,655,597) for the second quarter of this year compared to Dh53,111,917 for the previous year for the same period," general manager Yahya Nooruddin is quoted to have said in the report.
"This 8.2 per cent increase is attributed to the increase in premiums of all classes of business."
The company's net earned premiums for the period grew by 29 per cent to Dh17, 423,888 as against last year's corresponding figure of Dh13,487,396.
Al Ahlia Insurance net profit for the period is Dh9,171,449. The profit from insurance operations grew by 67 per cent to Dh6,972,246 from Dh4,176,951 for corresponding period of last year.
The investment fair value reserve increased by 242 per cent in six months from Dh15,416,677 as on December 2006 to Dh52,740,032 as on June 2007 and Shareholders' Equity increased by 40 per cent in six months from Dh95,914,681 to Dh134,196,472, the report added.