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 21st March 2017. Mr. Farooq Almoayyed, Chairman of the Group, headed the meeting which was attended by its shareholders, regulatory authority, key government bodies’ representatives and media.
At the meeting the shareholders approved, BNH’s 2016 results. BNH registered a net profit of BD 3.9 million for the year 2017.
In view of the Group’s continued profitable operations and taking into consideration future requirements, the Board recommended a cash dividend of 20% on paid-up capital.
The Chairman of the Group, Mr. Farouk Almoayyed, commented: “2016 was a year of many challenges, but also of significant progress. As anticipated, the insurance market continued to be highly competitive, with the wider economic situation posing additional difficulties but BNH’s results during the year demonstrated the resilience of the group to these challenges.”
Mr. Sameer AlWazzan, Chief Executive at BNH also commented: “Our focus remains on improving our insurance products and acquiring a larger share of the market, while diversifying revenue and raising profitability. The ultimate aim is to continue to strengthen customers’ trust in our services.”
Also during the meeting, the following were elected as BNH Board of Directors for the three years (2017 – 2019):
Farooq Yusuf Almoayyed, Abdulhusain Khalil Dawani, Jehad Yusuf Amin, Abdulrahman Mohamed Juma, Ghassan Qassim Fakhroo, Ali Hassan Mahmood, Ayad Saad Khalifa Algosaibi, Talal Fuad Kanoo, Sami Mohamed Sharif Zainal & Redha Faraj.
After the Annual General Meeting, the new Board of Directors held its first meeting in which they have appointed Mr. Farooq Yusuf Almoayyed as the Chairman and Mr. Abdulhusain Khalil Dawani as the Vice Chairman of the Board.