GCC: Bahrain National Holding's stake in Saudi insurer to be diluted again

Source: Middle East Insurance Review | Sep 2023

Bahrain National Holding (BNH), one of the largest insurance companies in the Kingdom of Bahrain, looks set to again reduce its stake in Arabian Shield Cooperative Insurance Company.

BNH said that its investment in Arabian Shield had previously been viewed as having a ‘material impact’ on the accounts, given the group’s status as the largest individual shareholder.

Following a review, the group concluded that the significant impact no longer exists, based on the significant decrease in the group’s stake in the Saudi insurer from 15% to 9.4%. The investment in Arabian Shield was thus reclassified as an investment available for sale carried at fair value. The dilution of BNH’s stake was the result of a merger between Arabian Shield with Al Ahli Takaful Company in January 2022. M

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