MANAMA: Bahrain National Holding Company (BNH) the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl), has announced a group net profit of BD2.34m for the six months ending 30th June 2014 compared to BD1.90m for the same period in 2013 up by 23.2% compared to 2013.
The Group Net Profit for the three months ending 30th June 2014 is BD0.71m as compared to BD0.65m for the same period of 2013 and higher by 8.7% compared to 2013.
The group’s reported Gross Premiums for the Six months ended 30th June 2014 of BD 14.15m an increase of 3.2% compared to the same period of last year, while Gross Premiums for the three months ending 30th June 2014 was BD 6.75m, a decrease of 7.4% compared to 2013. The Underwriting Profit was BD0.76m for Six months ended 30th June 2014, compared to BD0.53m for the same period in 2013, while the underwriting profit for the three months ending 30th June 2014 was BD0.20m as against a profit of BD0.01m in 2013.
The Net Investment Income after deducting policyholders share of investment income, for the Six months ended 30 June 2014 was BD1.67m compared to BD1.37m for 2013, an increase of 22.5% compared to 2013. For the three month ended 2014, the net investment income was BD 0.58m as against BD0.63m for the same period of 2013 decrease of 8.1%.
As for the subsidiaries, Bahrain National Insurance (bni) reported a net profit of BD2.04m for the six months ended 30th June 2014 against BD 1.85m for the same period of 2013. The gross premium was BD12.3m compared to BD 10.5m in 2013. The underwriting profit for the six months ended 30th June 2014 was BD 0.71m compared to BD 0.66m over the same period of 2013. Investment income went up by 12.1% compared to 2013, contributed to the growth in Net profit in 2014.
Bahrain National Life Assurance (bnl) reported higher net profit of BD0.47m for six months ended 30th June 2014 compared to BD.0.13M in 2013.
Gross premiums were BD1.84m compared to BD3.22m in June 2013, a decrease of 42.8%. Investment income was recorded at BD 0.43m an increase of 66.1% compared to June 2013. The Profit was higher due to a turnaround in Medical as a result of selective underwriting and better claims management.
“I am pleased to report that the group posted a strong overall performance, with improved results in both underwriting and investments. These results were achieved despite challenging and highly competitive market conditions,” Abdulhussain Dawani, Vice Chairman of BNH, said.
“We are happy to report that we have improved our financial performance, grew our core business, and enhanced our competitive advantage. The two subsidiaries bni and bnl performance has been good compared to 2013 despite the continuation of soft market conditions and increasing competition,” Sameer AlWazzan, Chief Executive of BNH, said.