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Total Gross Premiums for the period reached BD7.4m ($19.63m), with net earned premiums of BD3.2m ($8.49m) which is similar to the same period last year.
The underwriting profit was BD804,000 ($2.13m) compared to last year's BD799,000 ($2.12m) and is an encouraging start to the year considering the difficult economic conditions.
Mahmood Al Soufi, Chief Executive Officer of BNH, commented:
"We are pleased that the underwriting profit is similar to last year but investment returns were down to BD403,000 ($1.07m) from BD514,000 ($1.36m) in 2008."
"Additionally, under IFRS accounting standards, we have prudently charged our Profit & Loss Account with an impairment charge of BD234,000 ($0.62m) as a result of the decline in our investment portfolio. We continue to look for opportunities to expand our market share and to make strategic investments in companies that enhance our overall return to shareholders," he added.
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Posted by Rana Mesbah
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