BNH profit surges 115pc

MANAMA: Bahrain National Holding Company (BNH) has achieved a consolidated net profit of BD1.47 million for the first quarter of 2019, an increase of 115 per cent when compared with BD682,000 for the same period of last year.

BNH is the parent of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl).

The group’s net profit for the three-month period at BD1.41m was 120pc higher when compared with BD639,000 achieved in the same period of last year.

Gross premiums increased by 3.7pc to BD9.48m from BD9.15m whereas net earned premiums increased by 11pc to BD4.39m from BD3.97m.

Underwriting profits improved to BD516,000, compared with a loss of BD853,000, due to improvements in all group business segments.

As a result, earnings per share increased to 12.5 fils compared with 5.7 fils for the same period of 2018.

Total comprehensive income was BD2.46m compared with BD438,000 for the same period of last year, an increase of 462pc.

The increase in the net profit for the first quarter when compared with the last three months of last year can be primarily attributed to increase in net earned premium and lower net claims incurred.

Total shareholders’ equity (excluding non-controlling interest) as of end-March 2019 was BD49.44m as against BD48.85m as of end-2018.

Similarly, total assets were BD102.14m as against BD94.38m as at the end of last year.

BNH chairman Farouk Almoayyed said, “The group has continued the recovery in underwriting profits as the effects of improved processes and prudence is reflecting in financial performance. While insurance market conditions continue to be challenging, the group is well placed to exploit potential opportunities.”

Group chief executive Sameer Al Wazzan said he was pleased with the performance “particularly in terms of control over net claims in compulsory lines,” while retaining and growing the customer base, which is reflected in the growth in premiums.

“Investment markets recovered strongly in the first quarter, supporting overall results. The implementation of our core IT system will provide a suitable platform for innovative solutions and services for clients,” he added.



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