SNIC Insurance reported insurance revenue for the first half of 2026 of BD6.96 million, compared with BD6.02m in the same period last year, representing an increase of 16 per cent.
The company’s insurance service expenses decreased by 9.3pc compared with the same period last year, declining from BD5.91m in the first half of 2025 to BD5.37m in the first half of 2026.
The decrease reflects effective underwriting discipline and enhanced operational efficiency. Accordingly, the company’s insurance service result turned from a loss of BD0.39m in the first half of 2025 to a profit of BD0.02m in the first half of 2026.
The investment result recorded a significant turnaround, posting income of BD0.67m in the first half of 2026, compared with a loss of BD2.15m during the same period last year.
The improvement was primarily driven by gains recorded by Wataniya Insurance, a sister company based in Saudi Arabia. These gains resulted from positive share price movements, reversing the significant investment losses recorded in the corresponding period of 2025, which were mainly due to market price corrections.
The overall result reflected a profit of BD0.21mn compared with a net loss of BD2.84m in the previous year. This also led to an increase in shareholders’ equity, from BD19.63m to BD19.84m.
SNIC Insurance’s financial position remains strong, supported by a solid capital base and prudent risk management practices. The progress achieved during the first half of 2026 reflects the company’s ongoing focus on strengthening its core insurance operations, enhancing operational efficiency, and responding effectively to changing market conditions.
SNIC Insurance chief executive officer Khalid Al Shaikh said: “The first half of 2026 reflects encouraging progress in our financial performance and demonstrates the effectiveness of our continued efforts to strengthen our operations efficiency and enhance resilience. We remain focused on enhancing efficiency, maintaining disciplined underwriting practices, and delivering high-quality services for our clients and stakeholders, while continuing to demonstrate flexibility in providing our services despite the current geopolitical situation.
“Looking ahead, we will continue to build on the momentum achieved, adapt to evolving market conditions, and pursue sustainable growth while creating long-term value for our clients and shareholders.”
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