Solidarity Bahrain reports BD 1.023 million profit for 2022 first quarter

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, has announced a first quarter 2022 net profit attributed to shareholders’ fund of BD 875 thousand against a net profit of BD 773 thousand for the corresponding previous period, representing 13% increase. Earning per share has also increased to 6.77 fils compared to 6.44 fils for the same period in 2021.

The total comprehensive income attributed to shareholders’ fund is BD 2.036 million compared to BD 1.177 m for the same period in 2021, representing 71% 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 is BD 1.023 m compared to BD 843 thousand for the same period in 2021, representing an increase of 21% which is the result of improved underwriting performance and transfer of business, assets, and liabilities from T’azur to Solidarity upon merger effective 27th January 2022.

Regarding policyholder’s fund, Solidarity has reported a net surplus of BD 148 thousand, as compared to BD 70 thousand surplus for the same period in 2021, representing an increase of 111%. Solidarity has registered gross premium of BD 11.606 m compared to BD 8.313 m for the corresponding previous period, representing an increase of 40%. Commenting on the financial results, Tawfeeq Shehab, Chairman to the board of directors 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 the Kingdom of Bahrain.” He added:” We would like to thank all our devoted team members for their hard work and dedication in providing customers with an unmatched experience.” Jawad Mohammed, CEO of Solidarity Bahrain commented: “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.”