SNIC Insurance reported insurance revenue of BD12.41 million in 2025, compared to BD12.78m in 2024, reflecting a 3 per cent decline, mainly driven by the company’s prudent underwriting actions in the medical line of business, which constrained top-line growth in the short term.
In contrast, insurance service expenses improved significantly by 15pc to BD10.84m in 2025 from BD12.69m in the prior year, reflecting effective underwriting discipline and enhanced operational efficiency.
Accordingly, the insurance service result improved by 18pc, with losses narrowing to BD0.18m in 2025 compared to a loss of BD0.22m in 2024.
This improvement was primarily driven by corrective actions within the medical portfolio, as well as continued gains in overall operating efficiency.
The investment results for 2025 reported a loss of BD4.09m, compared with income of BD4.38m in 2024, primarily driven by unrealised losses recorded by Wataniya Insurance, a sister company based in Saudi Arabia.
These losses resulted from a decline in the share price, which was classified as market price corrections, as most insurance companies in Saudi Arabia in the same category have experienced a similar trend.
As a result, SNIC reported a consolidated net loss of BD5.07m for the year ended December 31, 2025, compared to a profit of BD3.40m in 2024.
Total equity stood at BD19.63m as of December 31, 2025, compared to BD24.70m in 2024. Despite the reduction in equity, SNIC Insurance maintained a solid capital base, supporting its resilience and long-term growth strategy.
Commenting on the results, SNIC Insurance general manager Khalid Al Shaikh said: “Our 2025 results demonstrate a positive impact of the corrective measures implemented across the business, leading to improved insurance service performance. While investment income was affected by market-driven unrealised losses at our associate, our core operations remain resilient.”
He added: “Digital transformation remains a key strategic enabler for SNIC. In 2025, we achieved important milestones, including obtaining ISO 27001:2022 certification for our Information Security Management Systems, renewing our ISO 22301:2019 certification for Business Continuity Management, and receiving the ‘Best Utilisation of Technology 2025’ award in Bahrain’s insurance sector by The Global Economics. These achievements reinforce our commitment to cybersecurity, operational excellence, and delivering an enhanced customer experience.”
Mr Al Shaikh concluded: “SNIC Insurance remains focused on strengthening its core insurance performance, advancing its digital and AI capabilities, and maintaining a solid capital position. We are confident that the strategic and corrective measures implemented during the year will support sustainable profitability and long-term value creation for the shareholders.”
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