Bahrain: Higher operating costs dent net profits of insurers in 1H2024

Source: Middle East Insurance Review | Dec 2024

The net profits of insurance companies operating in Bahrain fell by 43.5% to BHD15.78m ($41.87m) in the first half of 2024, compared to BHD27.91m in the corresponding period of 2023, according to the Central Bank of Bahrain.

The insurance industry’s profits plunged in 1H2024 despite an increase in gross written premiums mainly from operational challenges and increased costs.

Even with an increase in total written premiums for operators, including conventional and takaful companies, to BHD376.4m in 1H2024, an increase of 8% over the corresponding half last year, net profit suffered.

Although investment returns improved by 14.9% year on year to reach BHD45.2m in the 1H2024, they could not compensate for the significant decline in operating profits. M

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