Bahrain National Holding (BNH), the parent company of Bahrain National Insurance and Bahrain National Life Assurance, is looking to acquire stake in a major regional insurance firm, the company's chairman said.

"The firm, whose name I'm not at liberty to disclose, is keen to sell and we are keen to buy," chairman Farouk Almoayyed told our sister publication the Gulf Daily News on the sidelines of the company's annual general meeting yesterday.

"The year 2012 proved to be a challenging one given the uncertainties in the global economic conditions.

"The group has undertaken a number of initiatives in various operational and strategic areas which should have a positive impact on the group in the future," he said.

The shareholders of the company approved the distribution of 15 per cent cash dividend, paid at 15 fils per share.

The group registered a net profit of BD2.33 million ($6.14 million) for last year. Shareholders equity was BD42.86 million and the average return on equity was 5.4 per cent.

For the fourth quarter of last year, the group posted a net profit of BD1.76 million compared with BD1.81 million for the same period in 2011.

"Given the challenging economic conditions and the intense competition in 2012, our group has posted commendable results," BNH chief executive Mahmood Al Soufi said.

"Gross premiums increased by 6.3 per cent and our investment portfolio performed well last year.

"Our diversified and fairly liquid portfolio is a key competitive strength. We are pleased to report a comprehensive income of BD2.84 million, a growth of 25.6 per cent over 2011," he added. – TradeArabia News Service