BNH Group in a statement said that despite the decrease in net profits, primarily due to lower investment returns, the Group’s net assets remained similar to the previous year at BD42.22 million in 2011 compared to BD 42.15 million in 2010.
The Group registered an increase in its underwriting profit which totalled BD2.2 million in comparison to BD2 million in 2010. Net Investment Income was BD2.4 million compared to BD2.9 million for 2010.
At the corporate level of the group, Bahrain National Insurance has achieved net profit of BD2.961 million, compared to BD 3.521 million for the same period last year, whereas the Bahrain National Life Insurance recorded net profit of BD 692,000 compared to BD 377,000 for the same period last year.
The Board would like to thank the shareholders, customers and all employees of BNH and its associates companies whose efforts during the year helped achieve this positive result in difficult circumstances.
“We are very pleased with the Group’s results given a difficult year due to the on-going impact of the Global Financial Crisis and the difficult trading conditions in the Gulf region. This result can be regarded as an actual indicator that reveals the outstanding performance of the Group, its subsidiaries and associated companies,” Farouk Almoayyed, Chairman of the Group, said.
“We are content with our business strategies which have provided pleasing results in 2011. We will continue with our strategic plans regionally and our continued investment in our core insurance business. We have a positive outlook for 2012 and will be looking for expansion opportunities in the GCC and MENA regions through our set strategic and investment plans,” Mahmood Al Soufi, Chief Executive of BNH, added.