MANAMA: Bahrain National Holding Company (BNH), the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) has announced a net profit of BD1.63 million for the first quarter of 2014 compared to BD1.25 million for the same period last year.
The Company registered gross premium of BD7.4 million, an increase of 15% compared to the same period last year; while net earned premiums remained flat at BD3.5 million. The underwriting profits improved to BD0.56 million in comparison to BD0.52 million for the same period in 2013. Group assets as of March 31st 2014 increased to BD85.4 million from BD83.2 million as of Dec 31st 2013.
Net investment income for the period increased to BD 1.24 million compared to BD 0.83 million for the same period in 2013. Income from associates raised to BD0.243 compared to BD0.141 last year.
“We are pleased with the continued strong performance of the Group in both underwriting and investment activities,” Farouk Almoayyed, Chairman of BNH, said.
“We have undertaken a number of initiatives to further improve our underwriting performance which we hope will bear results towards the end of 2014.”