SNIC achieves a Production Growth in Bahrain operation of 41 % in the First Half

Saudi National Insurance Co. (SNIC) achieved a net profit of USD 3.3 Million during the first six months of the year in comparison to a deficit of USD O.76 Million for the same period last year. Despite the drop in the gross premium due to the transfer of Kingdom of Saudi Arabia portfolio to our associate company Wataniya Insurance, major improvement is reflected in the technical results as well as drastic increase in the investment income.

SNIC's Bahrain operations have shown an impressive growth of 41% on the Gross Premium during the first six month of 2011 compared to the same period last year.

Amongst the SNIC strategic business development plan for 2011, one of which is the Motor Insurance Campaign that has contributed partly to the growth of the production. Secondly is the agreement signed with the word-class software vendor, ESKADENIA Software, for implementing a robust IT system for insurance operation offering online solutions. The new system allow customers to obtain quotations, issue policies and view policy performance online aiming at making their customers lives affluent.

The General Manager, Mr. Khalid AL Shaikh quoted," 2011 has till date been a successful year and we aim to continue in the same manner for the remaining period despite of the challenges and competition faced."