The Company registered gross premium of $15.84 million, an increase of 13.5% compared to the same period last year. The Net Earned Premium income was $9.01 million. Underwriting profits was at $0.94 million in comparison to $1.31 million for the same period in 2011. Income from strategic investments in Associates was at $0.58million compared to $0.66million in March 2011. Group Assets as of March 31st 2012 increased to $196million from $191million as of Dec 31st 2011.
Net Investment income for the period decreased to$2.41 million compared to $2.66 million for the same period in 2011. However, investment portfolio fair value increased by $1million compared to Dec 31st 2011.
“We are very pleased with the results. Gross premium increased significantly compared to 2012 and investment performance was good. Considering the high claims in motor & medical insurance, fierce completion from local and international companies, and the current economic situation in the region the company’s overall performance was good,” Mahmood Al Soufi, Chief Executive of BNH, said.