MANAMA — Bahrain National Holding (BNH), the parent company of Bahrain National Insurance and Bahrain National Life Assurance, is eyeing a stake in a major regional insurance company, the Trade Arabia News Service said on Thursday.

It did not name the regional insurance firm but it quoted BNH chairman Farouk Almoayyed as saying that the company is willing to sell.

“The firm, whose name I’m not at liberty to disclose, is keen to sell and we are keen to buy,” Almoayyed allegedly told Gulf Daily News on the sidelines of the company’s annual general meeting on Wednesday.

“The year 2012 proved to be a challenging one given the uncertainties in the global economic conditions,” he said.

“The group has undertaken a number of initiatives in various operational and strategic areas which should have a positive impact on the group in the future.”

The group registered a net profit of BD2.33 million ($6.14 million) last year.

For the fourth quarter last year, the group posted a net profit of BD1.76 million compared with BD1.81 million for the same period in 2011.

“Given the challenging economic conditions and the intense competition in 2012, our group has posted commendable results,” BNH chief executive Mahmood Al-Soufi said.

“Gross premiums increased by 6.3 per cent and our investment portfolio performed well last year,” he said.

“Our diversified and fairly liquid portfolio is a key competitive strength. We are pleased to report a comprehensive income of BD2.84 million, a growth of 25.6 per cent over 2011. — SG