Bahrain National Holding Company (BNH), the parent company of bni and bnl, yesterday announced a net profit of $2.17 million in the first quarter of this year, against $2.81 million for the same period last year.

The company registered gross premium of $15.84 million, an increase of 13.5 per cent compared to the same period last year.

The net earned premium income was $9.01 million for the period in comparison to $8.30 million for the same period in 2011.

Underwriting profits was at $0.94 million in comparison with $1.31 million for the same period last year.

The income from strategic investments in associates was put at $0.58 million compared with $0.66 million in March 2011.

According to BNH, the group assets as of March 31 this year increased to $196 million from $191 million as of December 31 last year.

The net investment income for the period decreased to $2.41 million compared with $2.66 million for the same period in 2011. However, investment portfolio fair value increased by $1 million compared with December 31 last year.

'We are very pleased with the results. Gross premium increased significantly compared with 2011 and investment performance was good,' BNH chief executive Mahmood Al Soufi said.

'Considering the high claims in motor and medical insurance, fierce completion from local and international companies, and the current economic situation in the region, the company's overall performance was good,' he said.-TradeArabia News Service