Manama: - Bahrain National Holding – the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) - held its Annual Ordinary and Extraordinary General Assembly Meeting of shareholders on the 25th March 2021. Mr. Farooq Almoayyed, Chairman of the Group, headed the meeting which was attended by its shareholders, regulatory authority and key government bodies’ representatives online via Zoom Video Conference.
During the meeting, the shareholders approved the Group's financial results for the year ended 31st December 2020 wherein the Group reported a net profit of BD 5.21 million, while the net profit attributable to the parent Company was BD BD4.94 million. The meeting approved Board’s recommendation for cash dividend of 22% of paid-up capital for 2020 similar to the previous year.
The Chairman of the Group, Mr. Farouk Almoayyed, commented: “It would be an understatement to say that 2020 was a year unlike any we have seen in recent memory. The COVID19 pandemic was a test of resilience and adaptability at multiple levels, at the level of individuals, the Group, and Bahrain as a country. Against this challenging background, it is a matter of immense pleasure and satisfaction to report that the Group reached another milestone, by registering a profit of BD 5.21 million in comparison to BD 5.03 million in 2019 which was the highest recorded profit since 2009.”
Mr. Almoayyed added: “We acknowledge the impact of an unprecedented drop in claims because of the pandemic’s effect on boosting our underwriting profits. However, we are also gratified by our ability to retain our customers and grow the top line in a highly uncertain market environment where price sensitivity has only increased because of the pandemic. Our insurance subsidiaries managed to defend their market shares despite a highly competitive market.”
Mr. Sameer Alwazzan, Chief Executive at BNH also commented: “2020 was a year when our systems, employees and processes were put to the test, and we had to adapt to rapidly changing conditions. I am happy to report that we managed to overcome and thrive on the challenges, retain customers, and grow our market share. Except for Motor, all lines of business posted growth in 2020 as the pandemic understandably impacted car sales. Robust growth in non-motor lines helped offset the drop-in motor premiums, allowing the Group to grow its gross premium by 9%.”
“The pandemic resulted in speeding up specific initiatives, including motor and medical lines system went live successfully and shifting our financial payments online effectively and safely. We plan for our remaining lines of business and the finance module to go live by the first half of 2021. The upgraded core system will be the bedrock for several digital initiatives.” Mr. AlWazzan added.