Al Ahlia Insurance Company has reported a net profit of BD349,111 ($925,999) for the first quarter of this year as against BD1.03 million for the same period last year.

"The transient decline was due to the reduction in the actual realised gains on sale of investments compared with the same period last year," general manager Fadi Al Khatib said.

"The company managed during the first quarter to maintain steady growth in overall performance."

The profit from insurance operations for the quarter was BD138,348 as against BD160,605 earlier due to a BD60,000 increase in company's extra technical provisions, reported the Gulf Daily News, our sister publication.

Net earned premiums for the period were BD1,327,443 against last year's corresponding figure of BD1,265,695 while gross premiums registered a growth of 17 per cent to BD2,509,172 from BD2,143,593 earlier.

Revenues from investments increased contributing to a 4 per cent growth in shareholders' equity to BD16,931,959 from BD16,277,915 at the end of December last year.

The company is pursuing an active underwriting policy for growing its business in Bahrain and will continue to provide insurance products and services for individuals and families such as the newly introduced Family Travel Insurance Package.

Several new insurance products were being studied and would be announced soon, stated Al Khatib. The company also plans to open a new branch in Muharraq this year, he added.-TradeArabia News Service