Bahrain National Holding Company (BNH) said its net profit increased 55 per cent to BD3.63 million ($9.5 million) for the nine-month period ended September 30 this year, compared with BD2.35 million for the same period last year.

BNH is the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl), said a report in the Gulf Daily News (GDN), our sister publication.

The group's net profit for the three months ended September 30 this year increased by 135 per cent to BD1.29 million, compared with BD0.55 million for the same period of 2013.

Comprehensive income for the nine-month period increased by 68 per cent to BD5.11 million this year as against BD3.04 million in 2013.

The group registered gross premiums of BD20.27 million for the first nine months of this year, an increase of 2.3 per cent compared with BD19.81 million for the same period last year.

Gross premiums for the three months ending September 30 this year remained flat at BD6.1 million.

The underwriting profits for the nine months ending September 30 this year increased substantially by 79 per cent to BD1.47 million in comparison to BD0.82 million for the same period in 2013.

Underwriting profits for the three months ending September 30 this year registered BD0.71 million, an increase of 145 per cent compared with BD0.29 million for the same period last year.

Total net investment income for the nine-month period this year increased by 36.8 per cent to BD3.16 million, compared with BD2.31 million for the same period last year.

Total investment income for the three months ending September 30 this year registered an increase of 61 per cent (BD0.95 million) compared with BD0.59 million for the same period of 2013.

“We are pleased to see the group continue its strong growth in underwriting profitability well supported by good investment performance,” BNH chairman Farouk Almoayyed said.

“We are satisfied with the good performance across all lines of insurance business,” BNH chief executive Sameer Al Wazzan said.

“We obviously made significant progress in both underwriting and investments and are looking forward to continue this performance in the future,” he said.  

“Current economic indicators suggest higher growth which will reflect positively on the future of the insurance sector,” Al Wazzan added. - TradeArabia News Service