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 BD3.55 million for the nine-month period ended 30 September 2015; against BD3.63 million for the same period last year. The Group's net profit for the three months ended 30thSeptember 2015 decreased by 15.7% to BD1.09 million as compared to BD1.29 million for the same period of 2014.The decrease in profits is primarily due to our conservative approach resulting in additional provisions on bad debts, additional insurance reserving as well the impact of Motor Vehicle Compensation Fund levy on motor premiums.
The Company registered Gross Premium of BD22.44 million, an increase of 11.7% compared BD 20.27 to the same period last year, while gross premiums for the three months ending 30th September 2015 increased by 2.8% to BD6.29 million against BD6.11 million in 2014. The Net Earned Premium income was BD10.99 million for the period in comparison to BD10.30 million for the same period in 2014. Underwriting profits was at BD1.83 million in comparison to BD2.06 million for the same period in 2014, while the underwriting profits for the three months ending 30th September 2015 registered BD947 thousand, an increase of 3.3% compared to BD917 million for the same period last year.
The Investment income for the period decreased to BD3.0 million compared to BD3.02 million for the same period in 2014, while the total investment income for the three months ending 30th September 2015 registered a decrease of 37.9% to BD558 thousand compared to BD898 thousand for the same period of 2014.
Mr. Farouk Almoayyed, Chairman of BNH, commented: "We are pleased with the Group's strong overall performance despite the impact of additional levy and the provisions in 2015."
Mr. Sameer Al Wazzan, Chief Executive of BNH, commented: "The technical and investment results were good. The group managed to achieve better results, especially Bahrain National Life Insurance (bnl). We look forward to be at the forefront in terms of performance, as we work to expand our products and our branches, to provide better service to our valued customers."