Al Ahlia Insurance reports profit in the first quarter

Manama  : Al Ahlia Insurance Company yesterday reported a net profit of BD439,187 compared to BD456,590 for the same period of last year.

Net profit from insurance operations during first quarter stood at BD471,262 compared to BD355,611 by an increase of BD115,651 (33 per cent) for the same period of last year helped by the company’s prudent underwriting methods and watchful claims’ management. 

The Gross Premiums stood at BD3,876,656 compared to BD2,326,716, an increase of BD1,549,940 (67pc) from the same period of last year.

Net earned premium stood at BD2,397,619 for the first quarter 2016 compared to BD1,302,022 for the same period of last year.

Commenting on the results, General Manager Fadi N. Al Khatib said that the investment portfolio, in turn, made lower profits compared to the same period of last year, the investment gain stood at BD178,214 for the first quarter 2016 compare BD301,449 for the same period of last year by a decrease of BD123,235. 

The company also booked an impairment reserve of BD145,280 for investment shares owned by the company’s which market value fell as a result of the decline in capital markets and the decline of trading during this year, 

“However, we believe that the regional financial markets will shortly correct themselves & resume natural growth in the near future to offset this decline & hence again generate good investment profits in the forthcoming period,” added Al Khatib. 

Looking ahead, the company said its plan to open a new branch in Muharraq is still ongoing and the opening will be announced soon.