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Principal activities and review of business developments during 2017

For the financial year ended 31 December 2017, SNIC Insurance showed a growth in the Net Earned Premium by 10% from BHD 5.63 million in 2016 in comparison to BHD 6.20 million in 2017 which was mainly driven by the Medical and Motor line of business. On the other hand, the Gross Written Premium reflected a reduction of 42.8% from BHD 17.68 million in 2016 in comparison to BHD 10.10 million in

2017.

The net incurred claims showed an increase of 20% due to the increase in technical provision, which in turn resulted in a deterioration in the Net Underwriting Results by 20% from BHD 0.93M in 2016 in comparison to BHD 0.75M in 2017.

In 2017, the Company’s share of profit in the associate company operating in Kingdom of Saudi Arabia, Wataniya Insurance Company, showed a significant improvement which stood at BHD 1.11M in comparison to a profit of BHD 0.83M in 2016. Furthermore, the investment portfolio in 2017 resulted in a net income of BHD 0.89M in comparison to BHD 0.18M for the same period in 2016, which reflected in a net investment profit of BHD 1.99M in comparison to BHD 1.01M for the same period last year.

The Company reported a net profit of BHD 1.74M in 2017 in comparison to BHD 1.07M last year.

Accordingly, the shareholder equity stood at BHD 17.75M in comparison to BHD 15.87M in 2016.

The General Manager, Mr. Khalid Al Shaikh, quoted despite of the challenges and competition faced, we continue to focus on having a conservative underwriting approach and strong risk management on the risks we undertake, which in turn is reflected in our financial results.  Furthermore, he quoted, as part of the company’s long-term vision; we constantly look at developing all facets of our organization and strive to make relevant investments into both our customer services as well as further enhancement of our facilities

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