BNH net profit soars to $3.42m
Manama, May 15, 2013
Bahrain National Holding Company (BNH) earned a net profit of BD1.25 million ($3.42 million) for the first three months of the year, up from BD820,000 for the same period last year.
BNH is the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance.
The company registered gross premium income of BD6.44 million, an increase of 8 per cent compared with the same period last year, reported the Gulf Daily News, our sister publication.
Net earned premium income was BD3.5 million for the period in comparison to BD3.4 million for the same period in 2012.
Underwriting profit was at BD520,000 in comparison to BD350,000 for the same period in 2012. Group assets increased to BD80 million from BD76.7 million at the year-end.
At the subsidiary level, bni achieved a net profit of BD1.18 million compared to BD880,000 last year. Gross premiums increased by 5 per cent compared to 2012 and net earned premiums grew by 4 per cent compared to 2012. The underwriting profit was higher by 37 per cent.
"We are pleased with the first quarter results," said BNH chief executive Mahoud Al Soufi. "Strong income can be seen from both underwriting and investments as compared to budget and last year.
"Our strategic plans to expand within the Mena region are developing well and we expect to reach some conclusion within 2013," he added.-TradeArabia News Service