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SNIC gross premium soars to $29m

Manama, March 17, 2013

Saudi National Insurance Company (SNIC) has achieved a gross written premium (GWP) of BD11.44 million ($29.8 million) for last year in comparison to BD10.62 million for 2011.

The company said 2012 is the first year where the GWP is purely reflecting Bahrain operation, showing a growth of eight per cent in the GWP over the previous year in spite of the production being generated from the Bahrain operation, reported the Gulf Daily News, our sister publication.

The insurer pointed out that 2011 included a run off business of approximately BD.1 million pertaining to the Saudi Arabia operations which were moved to associate company Wataniya Insurance Company.

In 2012, the net earned premium stood at BD2.42 million reflecting a growth of 21 per cent in comparison to the same period in 2011.

The net profit was maintained at BD1.11 million despite the challenging year with various variables in the market.

"The company's major achievement and growth of the business in acquiring prestigious accounts resulted from our prudent business strategy and concurrently our successful risk management strategies," said general manager Khalid Al Shaikh.

"It has reflected positively in the consolidated loss ratio which stood at 47 per cent for 2012 in comparison to 46 per cent in 2011.

"SNIC strongly emphasises on continuous devotion and commitment to their clients in focusing on core insurance products and guaranteeing eminent focal point on client service."

In the fourth quarter of 2012, Standard & Poors reaffirmed SNIC rating for the second consecutive year, with the long-term counterparty credit and insurer financial strength rating of BBB stable outlook reflecting the company's strong capitalisation and conservative investment strategies that it practices.

The company also launched its first retail outlet in Salmabad.

"SNIC is confidently prepared to face the business challenges towards achieving its strategic objectives while generating additional businesses and strengthening the company's financial position," said Al Shaikh.

"We will also continue to focus on our core competency of customer service and invest on the development of the human resources and training on latest customer service techniques," he added.-TradeArabia News Service




Tags: Saudi National Insurance Company |

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