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 BNH Tower in the Seef District on 17th March 2015. Mr. Farouk Almoayyed, Chairman of the Group, headed the meeting which was attended by its shareholders, regulatory authority, key government bodies’ representatives and media.
On this occasion, the chairman of the group Mr. Farouk Almoayyed stated that: “The Group achieved good results, both in its core insurance underwriting businesses and investments, and continued to build a balanced and profitable portfolio. The net profit increased by 26.5 percent in 2014 reaching to BD 3.8 million, this increase was achieved despite being faced with a challenging and competitive environment.”
In view of the Group’s continued profitable operations and marked achievements and taking into consideration future requirements, the Board recommended a cash dividend of 20% on paid-up capital compared to 18% in 2013, amounting to BD 2.1 million.
Mr. Sameer AlWazzan, Chief Executive at BNH also commented: The Group’s net profit rose to BD 3.8 million in 2014, a sharp increase of 26.5 percent compared to 2013. Our general insurance subsidiary, Bahrain National Insurance (bni), made significant gains in 2014. The fire and general accidents insurance segment led growth by securing deals to insure large projects while motor insurance continued to grow at a steady pace. Bahrain National Life (bnl), our life and medical insurance subsidiary reported improved profitability despite a decline in gross premiums, thanks to a strategic focus on writing quality business and improved cost efficiency. Investment income recorded an increase of 16.9 percent compared to 2013 due to strong performance of regional equity markets and improving profitability of our associates.”
He added: “Although the year 2015 is expected to be a challenging one due to low oil prices and the dependency of the Government budget on oil revenues, the Group is looking forward to expanding its business and launching new value added products.”