OREANDA-NEWS. Al Ahlia Insurance Company’s General Manager Mr. Fadi Khatib announced the financial results for the third quarter of year 2015. The company had reported a net loss of BD 659,890 compared to a profit of BD 1,319,042 for the same period of last year due to investment book losses for a net amount of BD 1,322,409.

The firm’s Net Technical Profits from insurance operations during the third quarter of this year stood at BD 1,267,625 compared to BD 671,397 during the first nine months of last year, hence by an increase of BD 596,228 (89%) as a result of the company’s prudent underwriting methods and better controlled claims’ management. The gross premiums stood at BD 8,184,769 compared to BD 8,214,637 for the same period of last year.

The net earned premium stood at BD 4,086,802 for the first nine months of 2015 compared to BD 3,908,249 for the same period last year.

The firm’s net loss for the three months’ period stood at BD 1,097,446 compared to a profit of BD 606,930 for the same period of last year due to an impairment loss in equity shares for an amount of BHD 1,674,306 booked during the period.

Mr. Al-Khatib added that the investment portfolio, made loses compared with the same period last year, the investment loss stood at BD 1,322,409 for the first nine month period during 2015 compare to a profit of BD 1,266,636 for the same period of last year. In addition, the company booked an impairment reserve of BD 2,034,645 this year for few investment shares for which the market value sharply declined as a result of the drop in capital markets that took place so far during the year 2015, however we believe that the regional financial markets will shortly correct them & resume natural growth in the near future to offset this decline & hence again generate good investment returns.

About Al Ahlia Insurance Company:

Al Ahlia Insurance is one of the oldest publicly shareholding 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 needs of the society and introduce new products at affordable prices that would meet the needs of future lifestyles.