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 Ritz Carlton Bahrain on 22nd March 2016. 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 year 2015 was unusual, in that we entered the year expecting many economic and security challenges. Despite the difficulties, BNH managed to remain profitable, achieving significant growth in its core insurance and related businesses. Net profit jumped by 10%, from BD3.8 million in 2014 to BD4.2 million in 2015, marking it our best result since 2007.”
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, amounting to BD 2.15 million.
Mr. Sameer AlWazzan, Chief Executive at BNH also commented: “Our general insurance subsidiary, Bahrain National Insurance (bni), has by far the largest class of motor business and registered an increase of 7.8% in gross written premiums. The company in total registered an increase of 2.6% in gross written premiums mainly coming from Motor followed by Engineering. Bahrain National Life (bnl), our life and medical insurance subsidiary reported increase in Life premiums by 12% and increase in underwriting profits by 43% due to lower claims underwriting profit compared to last year. In 2015, BNH acquired the entire share capital of Ultra Tune Middle East, which was established in 2011 as a joint venture with an Australian partner. The company, renamed and rebranded iAssist Middle East, currently employs more than 42 specialised technical staff members, providing high quality vehicle repair and road assist services, mainly for bni customers, but also to those of other firms and individuals.”
He added: “From an economic and investment point of view, 2016 will not be an easy year, but we look forward to the challenge and reaffirm our commitment to our stakeholders to expend our best efforts to continue to lead the market.”