Solidarity Bahrain posts BD1.54 million net profit

Solidarity Bahrain, one of the largest insurance companies in Bahrain, said it swung back to a nine-month profit after a loss in the year ago period, thanks to a successful merger between Solidarity General Takaful and Al Ahlia Insurance Company which took place on 1 December 2017. The company’s net profit for the nine-month period ended 30th September 2018 was BD1.54 million compared to a net loss of BD237 thousand in the corresponding previous period, representing 751 per cent increase.

Earning per share increased to 12.87 fils from (3.83) fils in the corresponding previous period. Gross premium was BD21.88m compared to BD10.4m for the corresponding previous period, representing an increase of 110pc. Solidarity has reported BD75 thousand surplus from conventional operations for the nine-month period ended 30th September 2018 compared to BD204 thousand surplus for the corresponding previous period, representing a decrease of 63pc.

For the third quarter of 2018, Solidarity has recorded a net profit of BD387 thousand compared to a net loss of BD326 thousand for the corresponding previous period, representing 219pc increase. Earning per share is 3.23 fils compared to (5.27) fils for the corresponding previous quarter. Solidarity Bahrain attributed the increase in the net profits mainly to the improvement in loss and claims ratio and investment income in the third quarter of 2018 as compared to the corresponding previous period.

Gross premium for the quarter was BD 6.76m compared to BD3.03m for the corresponding previous quarter, representing 123pc increase. Solidarity has reported BD79 thousand deficit from conventional operations compared to BD 104 thousand deficit for the corresponding previous quarter, representing a 24pc increase. Solidarity has also reported net policyholders surplus of BD146 thousands.