SGT records 11.5 per cent growth in profits

Manama : Solidarity General Takaful (SGT) reported a net profit of US$1.5 million in 2015 versus US$1.4 million in 2014, representing an 11.5 per cent increase compared to last year. 

SGT, which is a subsidiary of one of the largest Takaful groups in the world - Solidarity Group Holding, also announced growth in gross contributions by 7pc from US$36.8M to US$39.4M.

In 2015, SGT posted a growth of 44pc in Net Policyholders Surplus, reaching US$400K. SGT Policyholders Fund has repaid the Qard Al Hassan back to the shareholders by end of 2014, which was provided to the Policyholders fund for solvency purposes. 

SGT General Manager Jawad Mohamed said, “We are proud of Solidarity’s performance and our accomplishments in 2015. We have fully implemented the CBB’s 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,” he added.

“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,” he said.