Solidarity Bahrain posts second quarter, half-yearly profits

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, announced second quarter and half-yearly profits, thanks to improved technical surplus, investment income and performance of the shareholder’s fund.

The company also said that the merger between Solidarity and Ta’azur (Bahrain operations only) is proceeding according to plan and schedule. Tawfeeq Shehab, Chairman of the board of directors, said that the merger between Solidarity and Ta’azur (Bahrain operations only) is proceeding according to plan and schedule as submitted to T’azur on the 18th of July 2021.

“T’azur Board of Directors has resolved to accept the Offer as submitted via the Letter of Firm Intention, representing binding execution which has been received by Solidarity.” Jawad Mohamed, Chief Executive Officer at Solidarity Bahrain, said: “We are glad about the positive outcome of our financial results and the commitment of delivering growth in revenues, profits, and to continue providing elevated services to customers and business partners”.

Quarterly results

Net profit attributed to shareholders’ fund was BD 666 thousand for the three months ended 30th June 2021, compared to BD 599 thousand in the year-ago quarter, representing an increase of 11%.

The earning per share was 5.55 fils compared to 4.99 fils in the prior-year quarter. The total net profit rose 15% to BD 717 thousand from BD 623 thousand in the same quarter a year ago.

With regards to policyholder’s fund, the net surplus was BD 51 thousand, compared to BD 24 thousand surpluses in the year-ago quarter, an increase of 113%. The gross premium was BD 7.321 million compared to BD 7.447 m in the same quarter a year ago, representing a decrease of 2%.

Six-month results

The net profit attributed to shareholders’ fund was BD 1.439 m against a net profit of BD 1.360 m for the corresponding previous period, representing 6%. Earning per share increased to 12.00 fils from 11.34 fils for the same period in 2020. Total net profit and surplus increased 10% to BD 1.560 m from BD 1.413 m in the year-ago period. The net surplus of the policyholder’s fund was BD 121 thousand, as compared to the BD 53 thousand surplus a year ago, representing an increase of 128%. Gross contribution was BD 15.634 m compared to BD 15.483 m for the corresponding previous period, representing an increase of 1%.