BNH net profit surges 23.2pc to $6.15m
Manama, July 24, 2014
Bahrain National Holding (BNH) has reported 23.2 per cent rise in consolidated net profit at BD2.34 million ($6.15 million) for the six months ended June 30 when compared with BD1.9 million for the same period last year.
BNH is the parent of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl), said a report in the Gulf Daily News (GDN), our sister publication.
Net profit for the three months ended June 30 was BD0.71 million , higher by 8.7 per cent when compared with BD0.65 million for the same period last year.
Gross premiums for the six-month period were up 3.2 per cent to BD14.15 million when compared with the same period last year, while gross premiums for the three-month period saw a decrease of 7.4 per cent to BD6.75 million.
Underwriting profit for the six-month period was BD0.76 million as against BD0.53 million earlier, while the underwriting profit for the three-month period was BD0.20 million as against BD0.01 million earlier.
Net investment income after deducting policyholders share of investment income for the six-month period saw an increase of 22.5 per cent to BD1.67 million when compared with BD1.37 million earlier.
For the three-month period, the net investment income decreased 8.1 per cent to BD0.58 million as against BD0.63 million for the same period last year.
As for the subsidiaries, bni reported a net profit of BD2.04 million for the six-month period as against BD1.85 million for the same period last year.
Gross premium was BD12.3 million compared with BD10.5 million last year.
Underwriting profit for the six-month period was BD0.71 million as against BD0.66 million earlier.
Investment income went up by 12.1 per cent compared with last year, contributing to growth in net profit this year.
Subsidiary bnl reported higher net profit of BD0.47 million for the six-month period as against BD0.13 million last year.
Gross premiums saw a decrease of 42.8 per cent to BD1.84 million from BD3.22 million in June last year.
Investment income was BD0.43 million, an increase of 66.1 per cent compared with June last year. Profit was higher due to a turnaround in medical insurance as a result of selective underwriting and better claims management.
"The group posted a strong overall performance, with improved results in both underwriting and investments," BNH vice-chairman Abdulhussain Dawani said.
"These results were achieved despite challenging and highly competitive market conditions."
BNH chief executive Sameer Al Wazzan said the company improved its financial performance, grew core business and enhanced competitive advantage.
"The two subsidiaries bni and bnl have done well compared with last year despite the continuation of soft market conditions and increasing competition," he added. - TradeArabia News Service
