News Middle East01 Mar 2021

Bahrain:4 listed insurers see 17% surge in combined profit in 2020

| 01 Mar 2021

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

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