Listed Bahraini insurers increased their combined profits in the first quarter of 2019 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 incomes.
Five insurance companies are listed on the Bahrain Bourse. They are: Arab Insurance Group (Arig); Bahrain & Kuwait Insurance; Bahrain National Holding; Solidarity Bahrain and Takaful International.
Reinsurer Arig posted consolidated net profits of $1.75m attributable to shareholders for the first quarter of 2019 from $0.5m for the corresponding quarter in 2018.
Bahrain National Holding 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% year-on-year 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.