SNIC Insurance reported a net profit of BD5.99 million for the first half of 2024, a remarkable 42 per cent increase compared to the net profit of BD4.22m for the same period last year.
This substantial achievement further demonstrates the company’s dedication to driving profitability and delivering substantial value to its stakeholders.
The company’s exceptional performance stems from a shift in its investment strategy implemented in 2023.
The investment income surged to BD6.50m in the first half of 2024, compared to BD5.31m in the same period of 2023.
The growth in the investment results further boosted the shareholders’ equity reflecting an increase of 28pc, from BD21.30m to BD27.30m.
Due to the soft and competitive market, the insurance revenue declined by 2pc from BD6.30m in 2023 to BD6.19m in 2024.
The company’s insurance expenses improved by 11pc in comparison to the same period last year, from BD6.24m to BD5.58m, which was a result of a series of corrective measures implemented to improve technical results and operation efficiency under the medical and motor line of business.
Accordingly, the insurance service result improved significantly, with losses reduced by 81pc to BD0.15m in 2024 compared to BD0.82m in the previous year.
Khalid Al Shaikh, the general manager of SNIC Insurance, stated: “The company has implemented strategic initiatives to diversify its revenue mix and improve operating efficiencies. By diversifying the book of business, the company would drive improvements in revenue and technical results. Additionally, the leveraging of automation technologies would improve operating efficiency and reduce the overall cost per transaction.”
Mr Al Shaikh reaffirmed SNIC’s commitment to developing its workforce, adopting innovative technologies, and delivering exceptional customer experiences.
This was demonstrated by SNIC launching an AI-powered WhatsApp chatbot that enhanced customer experience and engagement through a conversational AI assistant, allowing our clients to quickly get answers to their insurance-related questions, file claims and manage their policies.
SNIC has also launched a completely revamped website with modern features and a user-friendly interface which enhances the accessibility, convenience and the overall quality of its insurance services.
Mr Al Shaikh further added: “We will continue to build upon these successful strategic initiatives, aiming to offer our customers smooth customer experience, enhance our operational efficiency and boost insurance revenue. These efforts will contribute to further improving the company’s insurance service results.”
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