BNH profit up 8.5pc
Manama, October 25, 2007
Bahrain National Holding Company has announced third quarter net profits of BD4.46 million, an 8.5 per cent increase on the same period last year.
The firm, the parent company of Bahrain National Insurance (BNI) and Bahrain National Life (BNL), said profits included a sum made as a result of it selling part of its share in United Insurance Company.
BNH recorded an increase in net earned premiums to BD9.02 million, an increase of 23.7pc on the BD7.29 million recorded for the same period last year.
Total gross premiums for the period reached BD22.98 million.
The firm said that underwriting profits were lower by BD1.03 million due to the increase in claims reported during the third quarter of this year and prudent provisioning. Investment income rose by 81.3pc to BD3.5 million for the first nine months of the year.
"We are confident that we will continue achieving consistent good results during the coming months in light of the strategic plan we have, as well as internal improvement or products and services, and growth of the economy," said BNH chief executive Mahmood Al Soufi.
"We want to grow our portfolio of insurance products purchased by private individuals, like insurance on motor vehicles, travel insurance, housemaid insurance and home insurance.
"We are also working on a number of strategic projects, andsome of them will be announced very soon," he added. -TradeArabia News Service