Solidarity Bahrain B.S.C. announces BD 3.147 million profit for first nine months of 2022, 37% YoY increase

Solidarity Bahrain B.S.C. announces BD 3.147 million profit for first nine months of 2022, 37% YoY increase

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 net profits attributable to shareholders of BD 755,000 for the three-month period ended 30th September 2022, compared to BD 619,000 for the same period in 2021, an increase of 22%. The earning per share for the three-month period ended 30th September 2022 was 5.66 fils compared to 5.16 fils for the same period in 2021.

The net profit attributable to shareholders for the nine-month period ended 30th September 2022 was BD 2.582 million compared to BD 2.058 million for the same period in 2021, representing a 25% increase. The growth is the result of improved technical surplus, investment income, and performance of the shareholders’ fund. The earning per share for the nine-month period ended 30th September 2022 increased to 19.57 fils compared to 17.16 fils for the same period in 2021.

Correspondingly, the total net profit and surplus for the three-month period ended 30th September 2022 was BD 1.106 million compared to BD 729,000 for the same period in 2021, representing a 52% increase. The total net profit and surplus for the nine-month period ended 30th September 2022 was BD 3.147 million compared to BD 2.289 million for the same period in 2021, representing a 37% increase.

The shareholders’ equity as of 30th September 2022 was BD 31.892 million compared to BD 29.953 million as of 31st December 2021, representing 6.5% increase. Total assets as of 30th September 2022 was BD 96.642 million compared to BD 72.640 million on 31st December 2021, representing a 33% increase.

Corresponding to policyholder’s fund, Solidarity reported a net surplus of BD 351,000 for the three-month period ended 30th September 2022, compared to a BD 110,000 surplus for the same period in 2021, representing an increase of 219%. Solidarity reported a net surplus of BD 565,000 for the nine-month period ended 30th September 2022, compared to a BD 231,000 surplus for the same period in 2021, representing an increase of 145%.

A gross premium of BD 10.484 million was registered for the three-month period ended 30th September 2022 compared to BD 7.170 million for the same period last year, representing an increase of 46%. The gross contribution for the nine-month period ended 30th September 2022 was BD 32.004 million compared to BD 22.804 million for the same period in 2021, representing an increase of 40%.

Commenting on Solidarity’s performance, His Excellency Shaikh Khalid bin Mustahail Al Mashani, Chairman to the Board of Directors, said: “We are pleased to announce Solidarity’s financial results for the third quarter of 2022, which show a substantial increase in profits following the successful acquisition of t’azur. Net profits increased by 37% for the first nine months of the year, reflecting the company’s effective strategy and ongoing efforts, as well as the commitment of the Board of Directors to achieve returns on shareholders’ investments. We are proud of our team’s ongoing efforts and dedication to reach new milestones and support the company’s growth.”

“Solidarity Bahrain is now firmly established as Bahrain’s leading insurance provider, and we look forward to converting more opportunities into further successes,” His Excellency added.

Mr. Jawad Mohammed, CEO of Solidarity Bahrain, commented: “The financial results for the period ended 30th September 2022 reinforce the team’s commitment to achieving positive growth in revenues, as well as providing outstanding services to customers and business partners.”

He added: “Solidarity Bahrain’s strategy has evolved in recent years to focus on digitalizing operations and services. By maintaining its Cyber Security ISO 27001 Certification and obtaining an ISO certificate for Business Continuity Management System, the company proved the resilience and agility of its operating model. We will continue to innovate and provide our customers with leading services.”

The full set of financial statements are available on Bahrain Bourse’s website.