News Middle East03 Dec 2019

Bahrain:Listed insurance companies see profit surge in first 9 months

| 03 Dec 2019

The five (re)insurance companies listed on the Bahrain Bourse achieved a combined profit of BHD11.4m ($30.2m) for the first nine months of this year, surging by 44.3%, compared to BHD7.9m for the corresponding period in 2018.

The five companies are: Bahrain National Holding, Arab Insurance Group (Arig), Bahrain Kuwait Insurance, Solidarity Bahrain and Takaful International.

Their financial results for the first three quarters of the year are summarised below:

Company

9-month net profit

BHD m

Y-oY Increase/decrease

Bahrain National Holding

4.54

59%

Bahrain Kuwait Insurance

2.73

-2.8%

Solidarity Bahrain

1.8

23%

Arig

1.49

264.8%

Takaful International

0.81

15.2%

 

Bahrain National Holding, which posted the largest profits among the five companies, attributed the increase in the net profit for the nine-month period ended 30 September 2019 to lower net claims incurred in motor insurance and higher income from the investment portfolio. Lower claims led the company to report an underwriting profit of BHD2.22m during the nine-month period, compared to BHD456,000 in the corresponding period of 2018, an increase of 388%. Net Investment income after impairment loss increased by 26% to BHD2.46m for the nine-month period in 2019.

Bahrain Kuwait Insurance was the only one among the five companies to post lower net profits for the first three quarters of this year. The company attributed the decrease in net profit to a one-time provision of BHD434,000 for the VAT on unearned premium as well as BHD570,000 in incurred but not reported losses.

There are 36 insurance companies operating in Bahrain, of which 24 are locally incorporated. Of the 24, five are listed on the bourse.

 

 

| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.