MANAMA: Bahrain National Holding Company (BNH) has reported 64 per cent rise in net profit at BD2.3 million ($6.1m) for the nine months ended September 30, compared with BD1.4m for the same period last year.
The parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) said comprehensive income for the period was BD3m as against BD1.7m in the prior year period.
Similarly, gross premiums have increased 9.4pc to BD19.8m.
Net earned premium income is BD10.7m as against BD10.5m earlier.
Underwriting profits are BD0.8m as against BD0.5m.
Group assets have increased to BD82.9m as of September 30 from BD76.7m as of last year end.
Similarly, net investment income has increased to BD2.3m from BD1.8m.
Investment portfolio fair value has increased by BD0.5m from last year’s level.
At the subsidiary level, bni has reported net profit of BD2.5m, compared with BD1.6m last year. Its gross premiums have increased 8pc and net earned premiums have risen 5pc.
Underwriting profit is 38pc higher compared with last year’s level. Net investment income is 63pc higher, whereas total assets have increased by 10.1pc.
bnl has reported net profit of BD0.2m as against BD0.1m last year.
Gross premiums have increased 12.2pc and net earned premiums decreased 4.4pc.
Underwriting profit is lower compared to last year due to lower life gross written premiums.
Net investment income is 36.6pc higher whereas total assets have increased 6.2pc.
“We are pleased with the overall performance despite the challenging market conditions,” BNH chief executive Mahmood Al Soufi said.
“The growth in gross premium is due to a sharp increase in our general and medical insurance business, while our motor portfolio also performed well.
“Profitability was boosted due to good control over claims, reduction in expenses and strong investment returns,” he said.
“We will continue to drive operational efficiencies and strive to maintain the same trend moving forward.
“Our regional expansion plans also continue to develop well,” he added.