Mr. Fadi Al Khatib, Al Ahlia Insurance Company General Manager, announced the Company's financial results to Bahrain Bourse (BB), reporting a decline in net profit by 49% to BHD 1.32 million during the first nine months 2014, compared to BHD 2.58 million during the same period of 2013. The drop was on the back of the reduction in the actual realized gains on sale of investments compared to the same period of 2013.

The firm’s net profit grew 44% to BHD 606.93 THD during the three-month period ending September 30, 2014, compared to BHD 421.94 THD during the corresponding period a year earlier. The underwriting profit reached BHD 583.41 THD during the third quarter of 2014, against BHD 471,000 during the same period of 2013.

Al Ahlia’s net earned premiums rose 9.7% to BHD 3.91 million during the first nine months of 2014, compared to BHD 3.56 million in the same period a year earlier. Meanwhile, its gross premiums reached BHD 8.21 million in the nine-month period ending September 30, 2014, against BHD 9.30 million during the corresponding period of 2013. The underwriting profits reached BHD 897.87 THD during the first nine months of 2014, compared to BHD 1.07 million in the same period a year earlier, dropping 16%.
The Company’s revenues from investments' value appreciation, which contributed to a sharp increase in the shareholders’ equity, rose 7% to BHD 17.42 million in the third quarter of 2014, compared to BHD 16.28 million by the end of December 2013.

Al Ahlia Insurance managed during the period to keep the rate of a steady growth in the overall performance, thus contributing to the strengthening of the company’s insurance activities, said Khatib.

Al Ahlia Insurance will continue to provide insurance products and services for individuals and families, Al Khatib said adding that the management of the company is currently studying few new insurance products which will be announced in the near future.

Worth noting, Al Ahlia Insurance plans to open a new branch in Al Muharraq after finding a proper location in an attempt to be closer to the company’s clients to provide the best possible insurance service to the company’s clientele base in Bahrain.