Solidarity Bahrain B.S.C Announces BD 1.023 million profit for the 1st Quarter of 2022

Solidarity Bahrain B.S.C Announces BD 1.023 million profit for the 1st Quarter of 2022

MANAMA, BAHRAIN – 11 May 2022 – Solidarity Bahrain B.S.C. (Trading Code: SOLID), one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, has announced a net profit attributed to shareholders’ fund of BD 875 thousand for the three-month period ended 31st March 2022 against a net profit of BD 773 thousand for the corresponding previous period, representing 13% increase. The earning per share has also increased to 6.77 fils for the three-month period ended 31st March 2022 compared to 6.44 fils for the same period in 2021. The total comprehensive income attributed to shareholders’ fund for the three-month period ended 31st March 2022 is BD 2.036 million compared to BD 1.177 million 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 for the three-month period 31st March 2022 is BD 1.023 million 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.

The shareholders’ equity as of 31st March 2022 is BD 32.326 million as compared to BD 29.953 million as of 31st December 2021, representing 7.9% increase, and total asset as of 31st March 2022 is BD 106.358 million as compared to BD 72.640 million as at 31st December 2021, representing 46% increase.

Regarding policyholder’s fund, Solidarity has reported a net surplus of BD 148 thousand for the three-month period ended 31st March 2022, 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 million for the three-month period ended 31st March 2022 compared to BD 8.313 million for the corresponding previous period, representing an increase of 40%.

Commenting on the financial results, Mr. 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.”

Mr. Jawad Mohammed, CEO of Solidarity Bahrain commented: “At Solidarity Bahrain we remain committed to developing and implementing growth initiatives to enhance value for all stakeholders. 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.” He also added: “During this period, Solidarity Bahrain has successfully met the strategic objective of differentiating the company in a highly-competitive insurance sector, by focusing on quality, digital innovation, superior customer care, and a unique employee experience.”

The full set financial statements and the press release are available on Bahrain Bourse’s website.