Business12 November 20152 min read

BD659,890 loss for Al Ahlia Insurance

By DT News Network. A l Ahlia Insurance Company's General Manager Fadi Khatib announced the financial results for the third quarter of 2015. The company reported a net loss of BD 659,890 compared to a profit of BD 1,319,042 for the same period last year due to investment book losses for a net amount

Editorial Team Legacy

Published 12 November 2015, 8:00 · Updated 21:43

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Al Ahlia Insurance Company’s General Manager Fadi Khatib announced the financial results for the third quarter of 2015. The company reported a net loss of BD 659,890 compared to a profit of BD 1,319,042 for the same period 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 92.8505 671,397 during the first nine months of last year, an increase of BD 596,228 (89 per cent) 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 BD 1,674,306 booked during the period.

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 compared 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 a 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 and resume natural growth in the near future to offset this decline and hence again generate good investment returns,” Khatib said.

BD659,890 loss for Al Ahlia Insurance

Editorial Team Legacy

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