Manama: Bahrain National Holding Company (BNH) – the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) has announced an increase of 55% in net profit BD3.63 million for the nine-month period ended 30th September 2014; against BD2.35 million for the same period last year.
The Group’s net profit for the three months ended 30th September 2014 increased by 135% (BD1.29 million) as compared to BD0.55 million for the same period of 2013. The Comprehensive Income for the nine-month period increased by 68% (BD5.11 million) in 2014 as against BD3.04 million for 2013.
The Group registered gross premiums of BD20.27 million for the nine months ended 30th September 2014, an increase of 2.3% compared to BD19.81 million for the same period last year, while gross premiums for the three months ending 30th September 2014 remained flat at BD6.1 million. The underwriting profits for the nine months ending 30th September 2014 has increased substantially by 79% to BD1.47 million in comparison to BD0.82 million for the same period in 2013, while underwriting profits for the three months ending 30th September 2014 registered BD0.71 million an increase of 145% compared to BD0.29 for the same period last year.
Total net investment income for the nine-month period ended 30th September 2014 increased by 36.8% to BD3.16 million compared to BD2.31 million for the same period in 2013, while the total investment income for the three months ending 30th September 2014 registered an increase of 61% (BD0.95 million) compared to BD0.59 million for the same period of 2013.
“We are pleased to see the Group continue its strong growth in underwriting profitability well supported by good investment performance,” Farouk Almoayyed, Chairman of BNH, said.
“We are satisfied with the good performance across all lines of insurance business. We obviously made significant progress in both underwriting and investments and are looking forward to continue this performance in the future. Current economic indicators suggest higher growth which will reflect positively on the future of the insurance sector,” Sameer Al Wazzan, Chief Executive of BNH, said.