Bahrain National Holding Company (BNH) has reported a net profit of BD1.1 million ($2.8 million) for the first quarter of the year.

The figure represents an increase of 15 per cent compared to the same period last year.

BNH chairman Farouk Almoayyed said the company has done well despite the recent unrest in the country.

Total gross written premiums for the period were BD5.3 million, whereas net earned premiums reached BD3.1 million.

The underwriting profit was BD500,000 and net investment income was BD1 million.

'We are very pleased with the results the group, subsidiaries and associates have achieved during the first quarter of 2011, considering also the growth in business over the same period last year and the current competitive market conditions,' said BNH chief executive Mahmood Al Soufi.

'We will continue with the strategic direction set for the group to expand organically and regionally in the core insurance businesses.

'Given the government's budget and plans for this year, it will further boost the economy and contribute positively towards the growth of the industry,' he added.-TradeArabia News Service