Bahrain National Holding Company (BNH, the parent company of bni and bnl) reported a net profit of BD 1.1 for its financial performance in the first quarter of 2011; the figure represents an increase of 15% compared to the same period last year.
Total gross written premiums for the period were BD 5.3 million, whereas net earned premiums reached BD 3.1 million. The underwriting profit was BD 0.5 million and net investment income was BD 1 million.
“We are very pleased with the results the group, subsidiaries and associates have achieved during the first quarter of 2011 considering also the growth in business over the same period last year and the current competitive market conditions,” said Mahmood Al Soufi, Chief Executive of BNH.
“We will continue with the strategic direction set for the group to expand organically and regionally in the core insurance businesses; given the government’s budget and plans for this year, it will further boost the economy and contribute positively towards the growth of the industry.”