Bahrain: Listed insurers posted higher aggregate gains in 1Q2019
Source: Middle East Insurance Review | Jul 2019
Listed Bahraini insurers increased their combined profits in the first quarter of 2019 (1Q2019) compared to the corresponding period of last year, despite challenges in the market, according to an analysis conducted by Mubasher Info.
The higher aggregate profits were attributed to larger premium income.
Five insurers are listed on the Bahrain Bourse: Arab Insurance Group (Arig); Bahrain & Kuwait Insurance; Bahrain National Holding (BNH); Solidarity Bahrain and Takaful International.
Reinsurer Arig posted a consolidated net profit of $1.75m attributable to shareholders for the first quarter from $0.5m for the corresponding quarter in 2018.
BNH more than doubled its profits from BHD639,000 ($1.7m) in 1Q2018 to BHD1.4m in 1Q2019. Solidarity Bahrain’s 1Q2019 profits rose by 28.6% y-o-y to BHD725,000. For the first three months of this year, Takaful International’s profits increased by 3.9% to BHD0.24m.
However, Bahrain Kuwait Insurance saw its profits decline by 24% to BHD0.79m in 1Q2019 from BHD1.04m in 1Q2018. M
BHD1 = $2.66