BNH net profit surges 64pc to $6.1m
Manama, November 12, 2013
Bahrain National Holding Company (BNH) has reported 64 per cent rise in net profit at BD2.3 million ($6.1 million) for the nine months ended September 30, compared with BD1.4 million for the same period last year.
The parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) said comprehensive income for the period was BD3 million as against BD1.7 million in the prior year period.
Similarly, gross premiums have increased 9.4 per cent to BD19.8 million. Net earned premium income is BD10.7 million as against BD10.5 million earlier.
Underwriting profits are BD0.8 million as against BD0.5 million. Group assets have increased to BD82.9 million as of September 30 from BD76.7 million as of last year end.
Similarly, net investment income has increased to BD2.3 million from BD1.8 million. Investment portfolio fair value has increased by BD0.5 million from last year's level.
At the subsidiary level, bni has reported net profit of BD2.5 million, compared with BD1.6 million last year. Its gross premiums have increased 8 per cent and net earned premiums have risen 5 per cent.
Underwriting profit is 38 per cent higher compared with last year's level. Net investment income is 63 per cent higher, whereas total assets have increased by 10.1 per cent.
BNL has reported net profit of BD0.2 million as against BD0.1 million last year. Gross premiums have increased 12.2 per cent and net earned premiums decreased 4.4 per cent.
Underwriting profit is lower compared to last year due to lower life gross written premiums. Net investment income is 36.6 per cent higher whereas total assets have increased 6.2 per cent.
"We are pleased with the overall performance despite the challenging market conditions," BNH chief executive Mahmood Al Soufi said.
"The growth in gross premium is due to a sharp increase in our general and medical insurance business, while our motor portfolio also performed well. Profitability was boosted due to good control over claims, reduction in expenses and strong investment returns.
"We will continue to drive operational efficiencies and strive to maintain the same trend moving forward. Our regional expansion plans also continue to develop well," he added. – TradeArabia News Service