10.08.2015, 09:26
Al Ahlia Insurance Profit of BD 437,556 in six Months
OREANDA-NEWS. Al Ahlia Insurance Company announced the financial results for the
second
quarter of year
2015
. T
he
company has reported a net
prof
it of BD
437,556
compared to BD
712,112
for the same period of last
year.
The firm’s net profit f rom insurance operations during second quarter of this year stood at BD 678 , 882 compared to BD 193 , 064 by an increase of BD 485 , 818 ( 252 %) compared to the same period of last year a s a result of the company’s prudent underwriting method s and better claims ’ management. The Gross P remium stood at BD 5 , 199 , 319 compared to BD 5 , 496 , 025 for the same period of last year.
The net earned premium stood at BD 2 , 689 , 512 for the second quarter 2015 compared to BD 2 , 679 , 917 for the same period last year .
The firm’s net loss for the three months period stood at BD 19 , 034 compared to profit of BD 363 , 001 for the same period of last year due to the increase in the company’s extra technical provision s & drop in investment returns.
Mr. A l - Khatib added that the investment portfolio made lower returns this year compared with the same period last year, the investment profit stood at BD 159,459 for the second quarter 20 15 compare to BD 919,951 for the same period of last year by a decrease of 770,493, in addition; the company booked a reserve of BD 360 , 339 for few investment shares for which the market value fell sharply as a result of the deterioration in the regional capital markets and the slowdown of trading during th is year. Nevertheless , we trust that the regional financial market s will shortly correct themselves & resume natural growth in the near future to offset this decline & hence allow us again to generate ge nerous investment profits in the forthcoming periods .
About Al Ahlia Insurance Company:
Al Ahlia Insurance is one of the oldest public ly share holding companies providing all classes of insurance in the Kingdom of Bahrain. Having been established in 1976, the company gained tremendous credibility and a renowned name in a highly competitive market. Al Ahlia shall continue to explore the avenues to adapt our products to suit the ever - changing need s of the soci ety and introduc e new products at affordable prices that would meet the needs of future lifestyles.
The firm’s net profit f rom insurance operations during second quarter of this year stood at BD 678 , 882 compared to BD 193 , 064 by an increase of BD 485 , 818 ( 252 %) compared to the same period of last year a s a result of the company’s prudent underwriting method s and better claims ’ management. The Gross P remium stood at BD 5 , 199 , 319 compared to BD 5 , 496 , 025 for the same period of last year.
The net earned premium stood at BD 2 , 689 , 512 for the second quarter 2015 compared to BD 2 , 679 , 917 for the same period last year .
The firm’s net loss for the three months period stood at BD 19 , 034 compared to profit of BD 363 , 001 for the same period of last year due to the increase in the company’s extra technical provision s & drop in investment returns.
Mr. A l - Khatib added that the investment portfolio made lower returns this year compared with the same period last year, the investment profit stood at BD 159,459 for the second quarter 20 15 compare to BD 919,951 for the same period of last year by a decrease of 770,493, in addition; the company booked a reserve of BD 360 , 339 for few investment shares for which the market value fell sharply as a result of the deterioration in the regional capital markets and the slowdown of trading during th is year. Nevertheless , we trust that the regional financial market s will shortly correct themselves & resume natural growth in the near future to offset this decline & hence allow us again to generate ge nerous investment profits in the forthcoming periods .
About Al Ahlia Insurance Company:
Al Ahlia Insurance is one of the oldest public ly share holding companies providing all classes of insurance in the Kingdom of Bahrain. Having been established in 1976, the company gained tremendous credibility and a renowned name in a highly competitive market. Al Ahlia shall continue to explore the avenues to adapt our products to suit the ever - changing need s of the soci ety and introduc e new products at affordable prices that would meet the needs of future lifestyles.
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