SNIC premiums surge to $24m in H1
Manama, August 13, 2012
Bahrain operations helped Saudi National Insurance Company (SNIC) increase its premiums to BD9.1 million ($24.3 million) for the first half of this year in comparison to BD8.7 million for the same period last year, said a top official.
This year, the Bahrain-based firm's gross written premiums reflected purely on its Bahrain operations, said general manager Khalid Al Shaikh.
A growth of five per cent was registered last year despite the production being generated solely from Bahrain.
Conversely, last year, SNIC's run-off Saudi business operations were also included, which have since been moved to its sister company Wataniya.
The firm's underwriting profit for the first half stood at BD540,000 compared to BD1.1 million it made during the same period last year.
The drop in the underwriting profit, the company said, was due to the release of its Saudi operations' reserves booked in 2010, which was reflected in last year's first half.
This has resulted in a drop in net profit for the first half, the company said.
Net profit declined to BD600,000 during the first half from BD1.2 million during the same period last year.
"Our success has been mainly driven from our extraordinary customer service which is delivered by talented and well-trained staff," said Al Shaikh.
"It is also due to our unique product features and guidance we provide to our clients to choose the right solutions that meet their needs. We will continue our conservative underwriting and strong risk management strategy to be more focused on the risks we undertake and client servicing.”
SNIC is looking at new markets for expansion and acquisitions in the GCC, he said.
"We are also looking at opening our first branch in a strategic location during the third quarter following our five years of successful operation in Bahrain which will add to the convenience of our clients," Al Shaikh said. – TradeArabia News Service