The Company registered Gross Premium of BD6.44 million, an increase of 8% compared to the same period last year. The net earned premium income was BD3.5 million for the period in comparison to BD3.4 million for the same period in 2012. Underwriting profits was at BD0.52 million in comparison to BD0.35 million for the same period in 2012. Group assets as of March 31st 2013 increased to BD80 million from BD76.7 million as of Dec 31st 2012.
Net investment income for the period increased to BD0.89 million compared to BD0.79 million for the same period in 2012. However, investment portfolio fair value increased by BD0.40 million compared to Dec 31st 2012.
At the subsidiary level, bni achieved a net profit of BD1.18 million compared to BD0.88 million last year. Gross premiums increased by 5% compared to 2012 and net earned premiums grew by 4per cent compared to 2012. The underwriting profit was higher by 37% compared to 2012. Net Investment income was higher by 32% compared to 2012. Total Assets increased by 1.76% compared to 2012.
Whereas bnl reported a net profit of BD 0.09 million compared to BD 0.11 million in 2012. Gross premiums increased by 23% compared to 2012 & net earned premiums grew by 2% compared to 2012. The underwriting profit was higher compared to 2012, due to lower expenses and higher commission income. Net investment income was lower by 21% compared to 2012. Total assets decreased by 1.5% compared to 2012.
“We are pleased with the first quarter results; Strong income can be seen from both underwriting and investments as compared to budget and last year. We will continue to drive operational efficiencies and monitor the overall performance, and target to maintain the same trend throughout the year. Our strategic plans to expand within the MENA region are developing well and we expect to reach some conclusion within 2013,” Mahmood Al Soufi, Chief Executive of BNH, said.