Al Ahlia Insurance reported a net profit of BD2.31 million ($6.13 million) for 2010 against BD2.01 million the previous year.

Underwriting profit increased from BD1.95 million for 2009 to BD2.08 million last year, shareholders were told at the company's annual meeting yesterday.

Al Ahlia deputy chairman Adel Hassan Ali Al Aali said that despite a marginal reduction in gross premium, the company could improve both net profit and underwriting profit for 2010 as it scrupulously followed prudent underwriting measures and efficient claims management system.

The company's investment income for 2010 was BD984,996 compared to the previous year income of BD871,677 and earnings per share for the year was 43 fils as against 2009 earnings of 37 fils.

Total distribution of 45 per cent was approved by the shareholders, 40 per cent being cash and 5 per cent being bonus shares.

Al Aali said the company would continue to follow the same underwriting and claim management strategies during 2011 in order to achieve better operational results.-TradeArabia News Service