Solidarity Bahrain posts BD2.6 million profit, 12.5pc dividend

Solidarity Bahrain ( SOLID), one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, announced significant increases in its 2018 net profit, thanks to improvements in technical and investment income in 2018 as compared to the corresponding previous period. Board of Directors has recommended a cash dividend of 12.5 per cent to the shareholders, equivalent to 12.5 Fils per share. Net profit attributed to shareholders’ fund was BD2.3 million against a net profit of BD96 thousand a year ago, representing 2302pc increase.

Earnings per share increased to 19.22 fils for 2018 from 1.45 fils for 2017. The increase in net profit for the financial year ended 31 December 2018 in correspondence to the same period of last year (one-month period), is due to the merger between Solidarity General Takaful and Al Ahlia Insurance Company. Solidarity has reported a net surplus of BD270 thousand, as compared to the BD65 thousand surplus in 2017, representing an increase of 315pc. Gross premium was BD30.07m for the full Year compared to BD15.87m in the prior year, representing an increase of 89pc. Solidarity has also reported BD445 thousand surplus from conventional operations for 2018 compared to BD408 thousand surplus in 2017, representing an increase of 9pc.

For the 4th Quarter, net profit attributed to shareholders’ fund was BD762 thousand against a net profit of BD333 thousand for the corresponding previous period, representing 129pc increase. Earning per share is 6.33 fils compared to 5.04 fils for the same period in 2017. In regard to policyholder’s fund, Solidarity has reported a net surplus of BD124 thousand for the three-month period ended 31 December 2018.

Gross premium was BD8.19m compared to 5.47m for the same period last year representing an increase of 50pc. Solidarity reported BD370 thousand surplus from conventional operations compared to BD204 thousand surplus for 2017, an increase of 81pc.