Al Ahlia Insurance announces Q1 results

Manama : Al Ahlia Insurance Company yesterday announced financial results for the three-months ending March 2017, reporting a net profit of BD255,017 as compared to a net profit of BD439,187 for the same period in the previous year.

The investment income at BD509,309 showed an increase of BD188,984 as compared to the three-months ending March 2016.

The net profit from insurance operations before the adjustment for management expenses for the quarter reduced to BD126,992 compared to BD611,455, for the same period a year ago, due to prudent and conservative provisions against claims. 

Gross Premiums stood at BD4,137,186 for the Q1, 2017 as compared to BD3,876,656 for the Q1, 2016. The net earned premiums stood at BD1,679,397 for the Q1, 2017 as compared to BD2,397,619 for the Q1, 2016.

Looking ahead, the Acting General Manager, S. Veerapandian said that he is optimistic that the company will strategise the investment policies to gainfully deploy the investments in fixed income and alternative categories commensurate with the company’s risk appetite and the offerings in the regional financial markets in the short to medium term.