BNH
BNH
BNH
Bahrain National Holding Company (BNH) announced its financial results on Monday, reporting net profit surge by 55% to BHD 3.63 million in the first nine months of 2014, compared to BHD 2.35 million during the same period a year earlier, reported Gulf Daily News.
BNH’s net profit reached BHD 1.29 million during the third quarter of 2014, compared to BHD 0.55 million during the corresponding period of 2013, soaring 135%.
Comprehensive income gained 68% to BHD 5.11 million during the nine-month period ending September 30, 2014, compared to BHD 3.04 million in the same nine-month period of 2013.
The Company’s gross premiums amounted to BHD 20.27 million in the first nine months of 2014, compared to BHD 19.81 million during the corresponding period of 2013, adding 2.3%. During the third quarter of 2014, gross premiums stood at BHD 6.1 million.
The underwriting profits jumped 79% to BHD 1.47 million for the nine-month period ending September 30, 2014, against BHD 0.82 million for the same period in 2013. As for the third quarter of 2014, underwriting profits soared 145% to BHD 0.71 million, compared to BHD 0.29 million during the same period of 2013.
Moreover, total net investment income amounted to BHD 3.16 million during the nine-month period ending September 30, 2014, against BHD 2.31 million during the same period of 2013, gaining 36.8%. The Company’s total investment income reached BD0.95m in the three-month period ending September 30, 2014, compared to BHD 0.59 million during the corresponding period of 2013, registering an increase of 61%.
Sameer Al Wazzan, BNH Chief Executive, said that “Current economic indicators suggest higher growth which will reflect positively on the future of the insurance sector.”
Furthermore, Farouk Almoayyed, BNH chairman, expressed that “We are pleased to see the group continue its strong growth in underwriting profitability well supported by good investment performance.”
It is worth highlighting that BNH is the parent company of Bahrain National Insurance (BNI) and Bahrain National Life Assurance (BNL).
BNH’s net profit reached BHD 1.29 million during the third quarter of 2014, compared to BHD 0.55 million during the corresponding period of 2013, soaring 135%.
Comprehensive income gained 68% to BHD 5.11 million during the nine-month period ending September 30, 2014, compared to BHD 3.04 million in the same nine-month period of 2013.
The Company’s gross premiums amounted to BHD 20.27 million in the first nine months of 2014, compared to BHD 19.81 million during the corresponding period of 2013, adding 2.3%. During the third quarter of 2014, gross premiums stood at BHD 6.1 million.
The underwriting profits jumped 79% to BHD 1.47 million for the nine-month period ending September 30, 2014, against BHD 0.82 million for the same period in 2013. As for the third quarter of 2014, underwriting profits soared 145% to BHD 0.71 million, compared to BHD 0.29 million during the same period of 2013.
Moreover, total net investment income amounted to BHD 3.16 million during the nine-month period ending September 30, 2014, against BHD 2.31 million during the same period of 2013, gaining 36.8%. The Company’s total investment income reached BD0.95m in the three-month period ending September 30, 2014, compared to BHD 0.59 million during the corresponding period of 2013, registering an increase of 61%.
Sameer Al Wazzan, BNH Chief Executive, said that “Current economic indicators suggest higher growth which will reflect positively on the future of the insurance sector.”
Furthermore, Farouk Almoayyed, BNH chairman, expressed that “We are pleased to see the group continue its strong growth in underwriting profitability well supported by good investment performance.”
It is worth highlighting that BNH is the parent company of Bahrain National Insurance (BNI) and Bahrain National Life Assurance (BNL).
Source:
Mubasher
