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Bahrain National Holding Company (BNH - the parent company of Bahrain National Insurance, BNI and Bahrain National Life, BNL) has announced a net profit of BD1.096 million for the first quarter in 2008.
Total gross premiums for the period reached BD6.99 million, reporting net earned premiums of BD3.15 million with an increase of 10.9 per cent from BD 2.84 million for the same period last year.
The underwriting profit also showed an encouraging start to the year recording BD800,000 as compared to BD600,000 for the same period in 2007.
BNH chief executive officer Mahmood Al Soufi said: "The realised investment income of this quarter is lower due to the group's one off five per cent sale in the associate company United Insurance in 2007, which resulted in a profit of BD850,000. However, we will continue implementing our strategies we have set for both our subsidiaries and the mother company, in order to achieve the growth and targeted return on investment for our shareholders and all partners in business."
