24.02.2016, 08:25
Al Ahlia Insurance Announces Results for 2015
OREANDA-NEWS. The General Manager of Al Ahlia Insurance Company (B.S.C.), Mr. Fadi Nabih Al Khatib announced the financial results for the year 2015. The company has reported a net loss of BD 622,699 for the financial year 2015 as compared to a profit of BD 1,696,003 for the year 2014. This year’s loss is mainly attributable to an exceptional net investment book loss of BD 1,219,915 due to an impairment loss of (BD 2,034,645) recognized during the fiscal year for few of its investment equities.
The net profit from the company’s insurance operations for the year 2015 stood at BD 1,422,418 compared to BD 1,215,175 showing an increase of BD 207,243 (17%) as a result of company’s prudent underwriting and sound claims management. The Gross Premiums stood at BD 10,926,418 for the year 2015 as compared to BD 10,781,387 for the year 2014.
The net earned premiums stood at BD 5,528,477 for the year 2015 as compared to BD 5,167,377 for the year 2014. The net profit for the 4 th quarter (last three months) of the year 2015 was BD 37,191 compared to profit of BD 376,961 for the same period last year 2014.
The company recognized an impairment loss of BD 2,034,645 for the financial year 2015 for few of its equity investments due to the steep fall in market value of those investments as a result of the decline in capital markets in general during the year 2015. However, Mr. Khatib is optimistic that the regional financial markets will stabilize soon and further regain their strength and accordingly those book losses will be repaid in the form of good investment returns in the short to medium term.
Mr. Al-Khatib confirmed the opening of a new branch soon (currently running under decoration) close to the new Seef Mall in Muharraq as an additional effort by the company to get closer to its clients and be able to provide better services. The Company is also planning to open few more branches viz., Sanad, Hamad Town, Isa Town, Al Budhaiya and other locations in order to expand the operations of the Company inside Bahrain and be able to provide better insurance services directly to the Customers while being closer to their dwellings & businesses.
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.
The net profit from the company’s insurance operations for the year 2015 stood at BD 1,422,418 compared to BD 1,215,175 showing an increase of BD 207,243 (17%) as a result of company’s prudent underwriting and sound claims management. The Gross Premiums stood at BD 10,926,418 for the year 2015 as compared to BD 10,781,387 for the year 2014.
The net earned premiums stood at BD 5,528,477 for the year 2015 as compared to BD 5,167,377 for the year 2014. The net profit for the 4 th quarter (last three months) of the year 2015 was BD 37,191 compared to profit of BD 376,961 for the same period last year 2014.
The company recognized an impairment loss of BD 2,034,645 for the financial year 2015 for few of its equity investments due to the steep fall in market value of those investments as a result of the decline in capital markets in general during the year 2015. However, Mr. Khatib is optimistic that the regional financial markets will stabilize soon and further regain their strength and accordingly those book losses will be repaid in the form of good investment returns in the short to medium term.
Mr. Al-Khatib confirmed the opening of a new branch soon (currently running under decoration) close to the new Seef Mall in Muharraq as an additional effort by the company to get closer to its clients and be able to provide better services. The Company is also planning to open few more branches viz., Sanad, Hamad Town, Isa Town, Al Budhaiya and other locations in order to expand the operations of the Company inside Bahrain and be able to provide better insurance services directly to the Customers while being closer to their dwellings & businesses.
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.
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