Tawfeeq Shehab and Jawad Mohamed
Solidarity Bahrain posts BD1.16 m net profit
MANAMA, August 12, 2018
Solidarity Bahrain, one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding, has announced a net profit of BD1.16 million ($3.07 million) for the six month period ended June 30, 2018, compared to BD89,000 for the corresponding previous period, representing 1200% increase.
For the second quarter of 2018, Solidarity has recorded a net profit of BD593,000 compared to a net loss of BD166,000 for the corresponding previous period, representing 457% increase.
The increase in the net profits is mainly due to the improvement in loss and claims ratio and investment income in the second quarter of 2018 as compared to the corresponding previous period, said the company.
Solidarity has registered a gross premium of BD15.13 million compared to BD7.37 million for the corresponding previous period, an increase of 105%. Solidarity Bahrain has also reported net policyholders surplus of BD23,000.
The earring per share have also increased to 9.65 fils for the six month period ended June 30, 2018 compared to 1.44 fils for the corresponding previous period, and for the second quarter of 2018, the earring per share is 4.94 fils.
The shareholders’ equity as at June 30,2018 is BD24.81 million as compared to BD23.51 million as at December 31, 2017, representing 5.56% increase and total asset is BD68.78 million as compared to BD65.70 million, a 4.69% increase.
Tawfeeq Shehab, chairman of the company, said: “We are proud of Solidarity Bahrain’s performance and our accomplishments in the past period following the successful completion of the merger between two of Solidarity Group Holding’s subsidiaries, Al Ahlia Insurance Company and Solidarity General Takaful.”
He added: “We are also very proud that Solidarity Bahrain has had its ratings assigned by A.M. Best Europe, receiving a financial strength rating of B++ (Good) with a stable outlook and issuer credit rating of “bbb” with a positive outlook”.
Jawad Mohamed, chief executive officer, Solidarity Bahrain, said: “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,” he added. – TradeArabia News Service
