AL Ahlia Insurance Profit rises by 31 PC

Manama 

Al Ahlia Insurance Company  yesterday reported a 31 per cent increase in net profit to BD456,590 for the first quarter of 2015 from BD 349,111 net profit in the same period a year ago. 

 The firm’s net profit from insurance operations during the quarter stood at BD355,611, compared to BD80,088, an increase of  BD 275,523 or 344pc from the same period of the prior year, helped by company’s prudent underwriting methods and better claims’ management. 

 The gross premium was BD 2,326,716, a decrease compared to BD 2,509,172 for the same period of last year.

 The net earned premium stood at BD 1,302,022 for the first quarter 2015 compared to BD1,327,443 for the same period last year.

 The company booked a reserve of BD 131,584 for few investment shares owned by the company's which market value fell as a result of the decline in capital markets and the decline of trading during this year. The insurance company believes that the regional financial market will shortly correct itself and resume natural growth in the near future to offset this decline and hence again generate good investment profits in the forthcoming period.

 Al Ahlia Insurance is one of the oldest companies providing all classes of insurance in the Kingdom of Bahrain.