Bahrain-based insurance company Legal & General Gulf has reported its first-ever annual profit for last year.

Incorporated in 2009, the company is a 50:50 joint-venture between Legal & General Group of the UK and Bahrain-based Ahli United Bank.

The maiden set of profits for the start-up company have come despite challenging market conditions, a spokesman said.

Legal & General Gulf posted net profit of $237,187 for last year as against a net loss of $2.5 million for 2012.

"The profit has been the result of strong growth in new business since starting operations in 2010, ongoing cost control and positive experience on risk business," the spokesman added.

The company offers conventional protection and savings products.-TradeArabia News Service