SNIC achieves 41pc H1 growth in Bahrain
Manama, August 21, 2011
Saudi National Insurance Company (SNIC) achieved a net profit of $3.3 million during the first six months of the year, in comparison to a loss of $760,000 for the same period last year.
Despite the drop in the gross premium due to the transfer of the Saudi Arabia portfolio to SNIC's associate company, Wataniya Insurance, a major improvement is reflected in the technical results as well as a dramatic increase in the investment income.
SNIC's Bahrain operations have shown an impressive growth of 41 per cent on gross premiums during the first six month of the year compared to the same period in 2010.
The SNIC strategic business development plan for 2011, includes the motor insurance campaign that has contributed partly to growth.
The agreement signed with the word-class software vendor, Eskadenia Software, for implementing a robust IT system for insurance operation will offer online solutions.
The new system allow customers to obtain quotations, issue policies and view policy performance online aiming at making their customers lives affluent.
"2011 has to date been a successful year and we aim to continue in the same manner for the remaining period despite the challenges and competition faced," said SNIC general manager Khalid Al Shaikh. – TradeArabia News Service