Insurance firm net profit hits $2.2m in H1
Manama, August 15, 2013
New India Assurance, operating in Bahrain since 1961, yesterday reported a net profit of BD836,710 ($2.2 million) for the first half of this year, up from BD554,647 for the same period last year.
The firm's underwriting profit from insurance operations for the period stood at BD785,181 against BD517,491 last time, reported the Gulf Daily News, our sister publication.
Net earned premiums stood at BD2.516 million, registering a growth of 15 per cent against last year's corresponding figure of BD2.192m.
Investment income grew to BD88,673 against BD68,989 a growth of 28 per cent .
Its gross premiums for the period stood at BD3.55 million, up by BD379,969 from last year's half-yearly figure of BD3.17 million.
Net claims reduced to BD1.068 million from BD1.134 million last year.
The company continues to adopt a prudent rating on all range of products and maintains its thrust on personalised service on underwriting and claims by its dedicated staff some of whom are working for more than 25 years.
New India Assurance chief operating officer Vineet Kumar said he was very optimistic about the growth of the general insurance business in Bahrain, though the motor insurance market has seen stiff competition amidst reduction of rates .
Headquartered in Mumbai, New India Assurance operates in 22 countries. – TradeArabia News Service