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 BD1.6 million for the 3 months ended 31 March 2015 at the same level as compared to the first quarter last year. Underwriting profits for the quarter was BD 646 Thousand compared to BD751 Thousand for the same period in 2014, primarily due to the impact of the new Law No. (61) of 2014 for motor compensation funds which was implemented in the 4th quarter of 2014, provisions for further strengthening actuarial claims reserves and also provisions for subrogation and bad debts.
The Company registered gross premium of BD8.6 million, an increase of 16% compared to BD7.4 million in the same period last year. However net earned premiums decreased to BD3.4 million in comparison to BD3.5 million for the same period in 2014.
Group Assets as of March 31st 2015 increased to BD89.6 million from BD87.7 million as of Dec 31st 2014. Net Investment income for the period increased to BD1.4 million compared to BD 1.3 million for the same period in 2014.
Mr. Sameer AlWazzan, Chief Executive of BNH, commented: “Despite the increase in oil prices and its effect on the business we are satisfied with the performance, given the additional expenses relating to the provisions and the motor compensation funds. Our overall profitability remains strong and we hope to build on this momentum in the coming quarters of 2015."