BNH and subsidiaries bni and bnl mid-year results | BNH and subsidiaries bni and bnl mid-year results -
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BNH and subsidiaries bni and bnl mid-year results

: Sunday, August 05 - 2012 @ 15:06

The Group Net Profit for the three months ending 30th June 2012 is BD0.082m ($0.22m) as compared to BD0.60m ($1.60m) for the same period of 2011.

The Group’s Gross Premiums for the three months ended 30th June 2012 increased by 0.3% compared to the same period of last year, while Gross Premiums for the six months ending 30th June2012 increased by 6.47% compared to 2011.

The Net Earned premiums for the three month period increased by 6.7% compared to same period 2011, while Net Earned premiums for the six months ending 30th June 2012 increased by 7.65% compared to 2011.

The Net claims increased by 32.4% compared to the three month ended June 2011 while the Net Claims for the six months ending 30th June 2012 increased by 27.88% compared to 2011. This resulted in an Underwriting loss of BD0.015m ($0.039m) for three months ended 30th June 2012, compared to a profit of BD0.427m ($1.13m) for the same period in 2011, while the underwriting profit for the six months ending 30th June 2012 showed a profit of BD0.33m ($0.88m) as against a profit of BD1.66m ($4.40m) in 2011.

The Investment Income for three months ended 30th June 2012 was lower by BD0.107m compared to 2011 due to impairment of BD0.062m in the three months ended 30th June 2012. Impairment provision for three months ended 30th June 2011 was nil, while investment income for the six months ending 30th June 2012 decreased by 13.5% compared to 2011. This was due to Impairment of BD0.1m on certain investments in June 2012.

The Group’s Net Profit for the three months ended 30th June 2012 was lower by 86.4% compared to June 2011. The drop in Net Profits was primarily due to increase in claims and lower Investment Income, while the Group’s Net Profit for the six month ending 30th June 2012 was lower by 45.8% compared to 2011. The Total assets as at 30th June 2012 increased by 3.3% compared to 31st December 2011.

As for the subsidiaries, Bahrain National Insurance, bni reported a net profit of BD1.1M ($2.9m) for the six months ended 30th June 2012.
Gross Premiums increased by 2.3% compared to June 2011 and the net earned premiums grew by 4.3% compared to June 2011. The underwriting profit was lower by 45.2% compared to June 2011. Claims increased by 30.2% compared to June 2011 on the back of higher spare parts and labor costs. Investment income was lower by 28.2% compared to June 2011 due to lower profits booked on sale and impairment.

The bni profit for the period has been lower by 37.4% compared to June 2011, mainly on account of claims and impairment of investments. Total Assets increased by 4.8% compared to June 2011.
Bahrain National Life Assurance, bnl, reported a net profit of BD0.04m ($0.1m) for six months ended 30th June 2012.

Gross premiums increased by 24.7% compared to June 2011 & net earned premiums grew by 17.5% compared to June 2011. The underwriting profit was lower as claims increased by 23.5% compared to June 2011. Investment income was higher by 46.9% compared to June 2011. The bnl Profit for the period was lower by 57.3% compared to June 2011.

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Sunday, August 5- 2012 @ 15:06 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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