Manama: Bahrain National Holding Company (BNH), the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl), said that its net earned premiums increased by 14% to BD3.8 million at end of Q1 2016 in comparison to BD3.3 million for the same period in 2015.
The Group announced a net profit of BD1.4 million for the three months ended 31 March 2016 compared to BD1.6 million in 2015.
The fall, BNH in a statement said, is mainly due to lower premiums and higher claims in addition to a drop in investment income. Underwriting profits for the quarter was BD595 thousand compared to BD674 thousand for the same period in 2015.
The Company registered gross premium of BD7.1million, a decrease of 17% compared to BD8.6 million in the same period last year.
Group Assets as of March 31st 2016 slightly increased to BD83.7 million from BD83 million as of 31st December 2015. Net Investment income for the period decreased to BD1.2million compared to BD1.4 million for the same period in 2015. This decrease is due to lower profit on sale booked in the first quarter 2016 compared to same period 2015, as a result of difficult market conditions.
“We anticipated a difficult market situation while budgeting for 2016 and we are pleased to note that the group has performed better than the budget. Going forward, we expect gradual improvements in market conditions to reflect positively on group’s performance,” said, Mr. Farouk Almoayyed, Chairman of BNH.
“Despite the adverse Investment scenario, the company could maintain its profitability in 2016. We have taken a number of measures to adjust to the economic environment and expect to see their positive impact in the rest of 2016,” added, Mr. Sameer AlWazzan, Chief Executive of BNH.
