December 9, 2023

Bahrain’s Solidarity reports 13% increase in net profit

Solidarity Bahrain, a subsidiary of Solidarity Group Holding, has announced a net profit attributed to shareholders’ fund of BD875,000 for the first quarter of 2022 against a net profit of BD773,000 for the corresponding previous period, representing 13 per cent increase.

The earning per share has also increased to 6.77 fils for the quarter compared to 6.44 fils for the same period in 2021.

The total comprehensive income attributed to shareholders’ fund for the period is BD2.036 million compared to BD1.177m for the same period in 2021, representing 71pc increase.

The increase in the net profits is mainly due to the improvement in technical income in 2022 as compared to the corresponding previous period.

The total net profit and surplus for the quarter is BD1.023m compared to BD843,000 for the same period in 2021, representing an increase of 21pc which is the result of improved underwriting performance and transfer of business, assets, and liabilities from T’azur to Solidarity upon merger effective January 27, 2022.

Shareholders’ equity as of end-March 2022 is BD32.326m as compared to BD29.953m as of end-2021, representing 7.9pc increase, and total assets as of end-March 2022 are BD106.358m as compared to BD72.640m as of end-2021, representing 46pc increase.

Regarding policyholders fund, Solidarity has reported a net surplus of BD148,000 for the quarter as compared to BD70,000 surplus for the same period in 2021, representing an increase of 111pc.

Solidarity has registered gross premium of BD11.606m for the quarter compared to BD8.313m for the corresponding previous period, representing an increase of 40pc.

Commenting, chairman Tawfeeq Shehab said: “It gives us great pleasure to announce positive results for the first quarter of the year, as this reflects on our sustained efforts towards profitable growth and providing elevated services to our customers. These results stand as a direct outcome to our efforts towards positioning Solidarity Bahrain as one of the leading insurance companies in Bahrain.”

Jawad Mohammed, chief executive of Solidarity Bahrain, commented: “At Solidarity Bahrain we remain committed to developing and implementing growth initiatives to enhance value for all stakeholders. The company’s most recent growth initiative created a merged entity with a significantly large portfolio, and a wide array of products. This achievement is an essential milestone for Solidarity’s expansion strategy and a clear testament of the positive results we have achieved for this quarter.”






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