SNIC’s financial performance for the year ended December 31, 2024, reflects a solid net profit of BD3.40 million attributable to shareholders, a decrease of 30 per cent compared to BD4.85m for the same period in 2023.
The company achieved growth in insurance revenue, which increased to BD12.78m from BD12.63m in the prior year. Notably, the insurance service result showed a significant turnaround, with losses narrowing from BD0.58m to BD0.22m, representing a 62pc improvement. This reflects the company’s effective cost management and improvements in technical performance, particularly within its medical and motor lines of business by leveraging differentiated products and risk-based pricing models to drive profitable growth.
Regarding investment performance, investment income decreased to BD4.39m from BD6.24m in 2023, a 30pc reduction. This decline is primarily due to the absence of a non-recurring gain of BD3.59m that was recorded last year, following the reclassification of an equity-accounted investee. Excluding this exceptional item, the company’s underlying investment performance remained strong, reflecting SNIC’s prudent investment strategy and continued portfolio diversification.
SNIC’s total shareholder equity increased by 16pc, reaching BD24.70m, a 13pc return on equity, reinforcing the company’s total capital position and ability to generate long-term value for its stakeholders.
Khalid Al Shaikh, general manager of SNIC Insurance, expressed his confidence in sustaining the positive performance, noting that the results reinforced SNIC’s capital strength and resilience.
He said: “Our core business continues to perform exceptionally well. We remain committed to enhancing operational efficiency through streamline and investing further in innovative solutions to improve customer accessibility.”
Mr Al Shaikh further added: “On behalf of the entire SNIC team, we remain focused on maintaining strong customer relationships and strategic partnerships, which will continue to strengthen our market position and create a sustainable value for all stakeholders.”
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