Farouk Almoayyed, Chairman of the board of directors BNH, on the sidelines of the annual general assembly (AGM) told The24X7News (www.twentyfoursevennews.com) that stiff competition remains a major challenge for the insurance sector in Bahrain.
“BNH like other companies trying hard to sustain the business levels and hope that the year 2014 will be good for insurance business,” he said.
Talking about acquiring 52% stake in Bahrain based Ahlia Insurance said that a technical report would ready in few weeks and upon the basis of the recommendations the decision would be made.
The shareholders of the Bahrain National Holding – the parent company of Bahrain National Insurance and Bahrain National Life Assurance approved the financials for the year 2013 during the AGM held at the Company’s HQs in Seef District on Thursday.
Farouk Almoayyed, Chairman of the Group, chaired the meeting which was also attended by its shareholders, regulatory authority, key government bodies’ representatives and media.
At the meeting the shareholders approved, BNH’s 2013 results. BNH registered a net profit of BD3.02 million for the year 2013. The result represents a 6.7% return on shareholders’ equity.
In view of the Group’s continued profitable operations and marked achievements and taking into consideration future requirements, the Board recommended a cash dividend of 18% on paid-up capital, amounting to BD 1.9 million.
“In yet another challenging year, I am pleased to report that the Group posted a strong overall performance, with improved financial results, continued business growth and enhanced shareholder value. The improved financial results in 2013 continue to underline the validity of our diversified business model and consistent strategy; our prudent approach to underwriting and claims management; and our adoption of sound corporate governance and risk management practices,” the Chairman of the Group, said.
“That 2013 was an excellent year during which we made progress despite continued challenging market conditions. We improved our financial performance, grew our core business, enhanced our competitive advantage, strengthened our governance, and implemented our social responsibility programme,” Sameer AlWazzan, Chief Executive at BNH, added.
The new board was elected for another three years term including, Farouk Yousif Almoayyed, Abdulhussain Khalil Dawani, Jehad Yousif Ameen, Abdulrahman Mohamed Juma, Ghassan Qassim Fakhroo, Ali Hassan Mahmood, Ayad Saad Khalifa Algosaibi, Talal Fuad Kanoo, Sami Mohamed Sharif Zainal and Redha Faraj.
After the Annual General Meeting, the new Board of Directors held its first meeting in which they have elected Farouk Yousif Almoayyed as the Chairman and Abdulhussain Khalil Dawani as the Vice Chairman of the Board.