Bahrain-based Saudi National Insurance Company (SNIC) has reported a growth of 23 per cent in gross written premium at BD11.2 million ($29.70 million) for the first six months of the year when compared with BD9.1 million ($24.1 million) for the same period last year.

The net premium earned grew by 27 per cent to BD1.4 million for the first half this year when compared with BD1.1 million for the same period last year, said a report in the Gulf Daily News (GDN), our sister publication.

Primary lines that contributed to the growth were fire, motor and term life.

“Despite the 11 per cent increase in overheads, the company has shown a substantial improvement in net profit which stood at BD348,000 for the first six months as against BD121,000 for the same period last year,” said general manager Khalid Al Shaikh.

This was mainly due to the improvements of the results of the associate company in Saudi Arabia, Wataniya Insurance Company, and the other investments portfolio.

The consolidated loss ratio is still maintained below 60 per cent while the net underwriting result stood at BD396,000 for the first six months as against BD408,000 for the same period last year.

“The marginal drop in technical result is due to the increase in provisional reserve compared to the same period of last year,” Al Shaikh said.

“Despite the soft market and challenges we have shown a modest positive result.

“This achievement is mainly due to our strategy of maintaining unequaled level of servicing and providing our esteemed clients with the right solutions that cater to their needs while offering them the best A-rated securities.

“Such strategy has reflected positively in maintaining our renewal persistency and acquiring new accounts,” he added. - TradeArabia News Service