Solidarity General Takaful, a subsidiary of Solidarity Group Holding, has reported a net profit of $1.5 million last year, as compared to $1.4 million in 2014, a 11.5 per cent increase.

 

SGT also announced seven per cent growth in gross contributions from $36.8 million to $39.4 million, said a statement.

 

Last year, net policyholders surplus increased 44 per cent reaching to $400,000. 

 

Jawad Mohamed, general manager, said: “We are proud of Solidarity’s performance and our accomplishments in 2015. We have fully implemented the CBB new Takaful regulations and complied with the requirements of Motor Compensation Fund.  We are also very proud with the affirmation of Solidarity ratings by A M Best Europe, receiving a financial strength rating of B++ (Good) and insurer credit rating of “bbb”, both with a stable outlook.

 

“Solidarity is currently the only rated Takaful Company in Bahrain; with this international recognition and accreditation Solidarity has managed to establish its position as one of the leading industry players, setting it apart from all but a handful of local insurance market players.

 

“Solidarity remains focused on diversifying its operations and have made great progress in this regard with the delivery of enhanced insurance products through innovative and creative distribution channels.

 

“We have an on-going focus on improving our competitiveness across the local market by leveraging on our knowledge and technical capabilities. We are confident that we will deliver our promises to customers and shareholders.” - TradeArabia News Service