Four insurers listed on the Bahrain Stock Exchange have posted an aggregate net profit of BHD13.75m ($36.45m) 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.
The four insurance companies listed on the Bahrain Bourse are: Bahrain National Holding Company, Bahrain Kuwait Insurance Company, Solidarity Bahrain, International Takaful Company. In addition, there is a listed reinsurer, Arab Insurance Group (ARIG), which is in run-off.
|
Insurer
|
2020 net profit
|
2019 net profit
|
2020/2019 change
|
Dividends
|
|
Bahrain National Holding
|
BHD5.21m
|
BHD5.03m
|
+4%
|
22% cash dividends
|
|
Bahrain Kuwait Insurance
|
BHD3.92m
|
BHD2.82m
|
+39%
|
5% cash dividends
|
|
Solidarity Bahrain
|
BHD3.08m
|
BHD2.90m
|
+6%
|
17.5% cash dividends
|
|
International Takaful
|
BHD1.54m
|
BHD1.03m
|
+50%
|
5% cash dividends
|
|
Total of the 4 insurers
|
BHD13.75m
|
BHD11.78m
|
+17%
|
|
|
Arab Insurance Group (ARIG) - in run-off
|
US$12.67m
(BHD4.78m equivalent)
|
US$18.43m
|
-31%
|
None
|
Source: Financial statements filed with Bahrain Bourse