Manama: - Bahrain National Holding – the parent company of Bahrain National Insurance and Bahrain National Life Assurance - held its Annual Ordinary General Assembly Meeting of shareholders at the Gulf Hotel on 27th March 2019. Mr. Farooq Almoayyed, Chairman of the Group, headed the meeting which was attended by its shareholders, regulatory authority officials, key government bodies’ representatives and media.
During the meeting, the shareholders approved the Group's financial results for the year ended 31st December, 2018 wherein the Group reported a net profit of BD 3.5 million. The meeting approved Board’s recommendation for cash dividend of 15% of paid-up capital for 2018 compared to 12% cash dividend and 5% bonus shares in the previous year.
The Chairman of the Group, Mr. Farouk Almoayyed, commented: “I am pleased to report that the Group successfully navigated the market challenges and grew both the top and bottom-line in FY 2018. This is a commendable achievement given the intensifying competition in the insurance industry in Bahrain and the increasing turmoil witnessed in the global financial markets, particularly in the latter half of 2018.”
Mr. Sameer Alwazzan, Chief Executive at BNH also commented: “During the year, the Group exceeded its internal targets set for its core insurance business. There were significant new contract wins and steady renewal of existing businesses. A substantial turnaround in underwriting coupled with the strong investment performance, helped drive up the Group's Net Profit to BD 3.5 million, an increase of 55%.”