Al Ahlia Insurance records profit in 2016

Manama : Al Ahlia Insurance Company (B.S.C.) yesterday announced financial results for the year 2016 reporting a marginal net profit of BD31,808 as compared to a net loss of BD622,699 for the year 2015.

Announcing the results, Acting General Manager of the company S. Veerapandian said that continued unfavourable investment climate during the year had
its impact on the overall results.

The net profit from the Company’s insurance operations for the year stood at BD1,396,943 compared to BD1,422,418, a marginal decrease despite heightened claims activity. 

The Gross Premiums stood at BD13,529,014 for the year 2016 as compared to BD10,926,418 for the year 2015.

The net earned premiums stood at BD8,510,092 for the year 2016 as compared to BD5,528,477 for the year 2015.

The company recognised an impairment loss of BD308,440 for the financial year 2016 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 market during the year 2016. 

Looking ahead, Veerapandian said he is optimistic that the Company will strategise the investment policies to gainfully deploy the investments in fixed income and alternative categories commensurate with the Company’s risk appetite and the offerings in the regional financial markets in the short to medium term. 

Veerapandian added that he is positive about the promising growth opportunities in the economy and the underlying leveraging with the Solidarity Group’s ever expanding footprints coupled with a credit rating of the  operations.