al ahlia insurance announces half-yearly results for 2007
A subsidiary of DAMAC Holding and one of the oldest public shareholding companies providing all classes of insurance in Bahrain, Al Ahlia Insurance registered a 8.2 per cent growth in gross premium for the second quarter of fiscal year 2007 compared to the second quarter of fiscal year 2006.
Established in 1976 Al Ahlia gained tremendous credibility in a highly competitive market. In a continuous endeavor to provide the best services to its clients, the company has constantly made efforts to employ human and technological resources to enhance its position and performance.
The growth is owed to the firms continued effort to explore avenues to adapt products that suit the ever-changing needs of society, and introduce new products that meet the needs of future lifestyles.
“The company’s gross premium grew to AED 57,460,736 for the second quarter of this year compared to AED 53,111,917 for the previous year for the same period” said General Manager, Yahya Nooruddin. “This 8.2 per cent increase is attributed to the increase in premiums of all classes of business” he added.
The company's net earned premiums for the period grew by 29% to AED.17, 423,888 as against last year's corresponding figure of AED. 13,487,396
Al Ahlia Insurance net profit for the period is of AED 9,171,449.The profit from insurance operations grew by 67 per cent to AED 6,972,246 from AED 4,176,951 for corresponding period of last year.
Al Ahlia’s investment portfolio is also doing exceptionally well. The investment fair value reserve increased by 242% in six months from AED 15,416,677 as on December 2006 to AED 52,740,032 as on June 2007 and Shareholders' Equity increased by 40% in six months from AED 95,914,681 to AED 134,196,472 In view of continuing potential for growth in market value the company has decided to hold much of the investment. Total investment and other income is AED 5,326,794.
Mr. Nooruddin commented, “The market has become highly competitive with the entry of new players and therefore retaining the existing customers has become a challenging task. Giving personalized and prompt service to customers shall our main focus to retain market share and our company has been very successful in doing that and our half yearly results will testify to the same.” He stated further, “The insurance schemes we introduced for Asian Expatriates in Bahrain with support of our foreign insurance partners are gaining popularity and we are also planning to open new branches in Bahrain in order to reach out to maximum number of customers.
