Magazine date:
Apr 2013 Bahrain National Holding Company (BNH) has posted a net profit of 2.33 million BHD (6.2 million USD) in 2012, down by 30.3% compared to 2011. This decline is accounted for by the increasing claims and the slight rise in operating costs. Increasing competition among insurers is also behind the reduction of margins.
The Group reported a positive underwriting result of 1.5 million BHD (3.9 million USD) in 2012 compared to 2.23 million BHD (5.9 million USD) in 2011. Gross premiums fell by 6.4% at 23.3 million BHD (61.8 million). The group is expecting a difficult year 2013 but hopes nonetheless to revive growth through a series of strategic measures recently taken.