Bahrain - Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, yesterday held its annual general assembly meeting (AGM), for the financial year ended December 31, 2024. 

The meeting was chaired by board of directors chairman Shaikh Khalid bin Mustahil Al Mashani and attended by the shareholders, representatives from the Industry and Commerce Ministry, Central Bank of Bahrain, Bahrain Bourse, and external auditors.

The agenda of the AGM commenced with reviewing and approving the minutes of the previous meeting, along with the financial statements for the year ended December 31, 2024.

The shareholders also approved the board of directors’ recommendation on the distribution 27.5 per cent of stock dividends, of paid-up capital amounting to BD3,666,667, equivalent to 1 share for every 3.636 shares. It is worth noting that above-mentioned stock distribution has been approved by the Central Bank of Bahrain.

Shaikh Khalid remarked on the occasion: “Solidarity Bahrain continues to demonstrate a robust performance throughout the year, evident in its strong financial results. Our commitment to ongoing development over the past year reflects the enduring dedication of our stakeholders and our ambition to establish ourselves as leaders in the industry.”

He further noted: “We are optimistic that Solidarity Bahrain will sustain its growth trajectory, supported by our continuous achievements in the kingdom’s insurance sector.”

Solidarity Bahrain chief executive Jawad Mohammed said: “Solidarity Bahrain experienced a successful 2024 across all areas, marked by strong profitability, significant contributions, and strategic expansion beyond Bahrain’s borders. Financially, the company achieved a topline of BD60 million and a profit of BD8 million, demonstrating substantial growth compared to the previous year.”

Mr Mohammed

He added: “A key milestone in our expansion strategy was the acquisition of nearly 30pc stake in Alliance Insurance, a Dubai-based composite insurer, with plans to secure an additional 20pc in the coming quarter. Furthermore, progress was made in the acquisition of bni and bnl, with updated SPAs signed between Solidarity Bahrain, Solidarity Holding, and BNH. The acquisition, expected to be finalised by the second week of April, will be followed by the merger of bni and bnl with Solidarity Bahrain, positioning the company as the market leader. Overall, the company’s outlook is highly positive, surpassing the expectations of the previous year.”

Mr Mohammed concluded: “We are delighted to have successfully wrapped up the year, having launched several initiatives and reached numerous milestones thanks to the relentless efforts of our Solidarity Bahrain team. Alongside our strong financial performance, we have experienced significant internal and external growth, and we are confident in our continued advancement in the upcoming year.”

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