Bahrain: 4 listed insurers see 17% surge in combined profit in 2020
Source: Middle East Insurance Review | Apr 2021
Four insurers listed on the Bahrain Bourse have posted an aggregate net profit of BHD13.75m ($36.6m) for the 2020 financial year, an increase of 17% compared to BHD11.78m for the year 2019.
The double-digit profit growth was achieved despite the economic impact of the COVID-19 pandemic. The pandemic slowed the development of infrastructure projects and increased the difficulty of collecting receivables.
However, the listed insurers posted a noticeable improvement in profitability through improved underwriting and a decrease in the volume of auto and medical insurance claims, reported Alayam.
Takaful International posted a 50% surge in net profit to BHD1.54m, the strongest among the four listed entities. Bahrain Kuwait Insurance Company also achieved a double-digit growth of 39% in net profit to BHD3.92m. Both Solidarity Bahrain and Bahrain National Holding saw their net profit grow by 6% and 4% to BHD3.08m and BHD5.21m, respectively. M
BHD1 = $2.66