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SNIC INSURANCE achieve Net Profit of BD 1.07M

For the financial year ended 31 December 2016, SNIC Insurance shown a growth in the Net Earned Premium by 18% from BD 4.77 M in 2015 comparing to BD 5.63 M in 2016 despite the Gross Written Premium reduced by 5% from BD 18.68 M comparing to BD 17.68 M in 2016. Medical, Motor and Term Life lines contributed to the main growth in the net earnings.

The net incurred claims increased by 22% from BD 3.03M in 2015 comparing to BD 3.70 M in 2016 while the gross incurred claims increased by 21% from BD 6.50 M in 2015 comparing to BD 7.88 M this year.

The Net Underwriting Results increased by 8% from BD 0.86M in 2015 compared to BD 0.93 in 2016. The increase in the Net Underwriting Results was mainly due to improvement in the underwriting of primary lines mainly Medical and Term Life.

In 2016, the Company share of profit in the associate company operating in Kingdom of Saudi Arabia, Wataniya Insurance Company, shown a significant improvement which stood at BD. 0.83M in comparison to a loss of BD. 0.35M in 2015. On the other hand, the investment portfolio in 2016 resulted in a net income of BD 0.18M in comparison to a breakeven for the same period in 2015 which in turn reflected in a net investment profit of BD. 1.01 M in comparison to a net investment loss of BD. 0.35M for the same period last year.

The Company reported a net profit of BD 1.07 M in 2016 comparing to a net loss of BD 0.28 M last year. Accordingly, the shareholder equity stood at BD 15.87 M comparing to BD 14.65 M in 2015.Khalid Al Shaikh, the General Manager, quoted, “SNIC Insurance launched its new brand identity in November 2016, which is part of the Company long-term vision to evolve its business philosophy in line with its innovative product offerings to create real-value for its clients. The rebranding is a strategic move which comes along with a set of strategic steps that would assist the Company in moving forward confidently and being prepared to face the business challenges towards achieving its long term objectives.”

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