Solidarity Bahrain announces 14% increase in H1 net profit

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Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, has reported a net profit attributable to shareholders’ funds of BD1.196 million for the three-month period ended June 30, 2024, compared to BD1.097m for the same period in 2023 (restated), representing an increase of 9 per cent.

The earnings per share for the three-month period ended June 30, 2024 were 8.97 fils, compared to 8.23 fils for the same period in 2023.

The net profit attributable to shareholders’ funds for the six-month period ended June 30, 2024 was BD2.447m, against a net profit of BD2.139m for the corresponding period in 2023 (restated), representing a 14pc increase.

The earnings per share for the six-month period ended June 30, 2024 were 18.36 fils, compared to 16.05 fils for the same period in 2023.

The total net profit and surplus for the three-month period ended June 30, 2024 was BD1.501m, compared to BD1.432m for the same period in 2023, representing a 5pc increase.

The total net profit and surplus for the six-month period ended June 30, 2024 was BD3.055m, compared to BD2.548m for the same period in 2023, representing a 20pc increase, which is the result of improved technical surplus and investment income.

The shareholders’ equity as of June 30, 2024 was BD35.338m, compared to BD36.354m as of end-December 2023, representing a 3pc decrease.

The total assets as of end-June 2024 were BD97.235m, compared to BD95.975m as of end-2023, representing a 1pc increase.

The policyholders’ fund reported a net surplus of BD305,000 for the three-month period ended June 30, 2024, compared to BD335,000 surplus for the same period in 2023, representing a decrease of 9pc.

Solidarity reported a net surplus of BD608,000 for the six-month period ended June 30, 2024, compared to BD409,000 surplus for the same period in 2023, representing an increase of 49pc.

Recognised Takaful contributions were BD13.138m for the three-month period ended June 30, 2024, compared to BD13.815m for the same period of the previous year, representing a decrease of 5pc.

Recognised Takaful contributions for the six-month period ended June 30, 2024 were BD27.059m, compared to BD26.548m for the same period in 2023, representing an increase of 2pc.

Commenting on the company’s performance, Shaikh Khalid bin Mustahil Al Mashani, chairman of Solidarity Bahrain, said: “Solidarity continues to achieve positive results, recording a remarkable growth of 20pc in the six-month period ended June 30, 2024, which reinforces the success of our strategic direction. The acquisition of Al Hilal Life and Al Hilal Takaful from Ahli United Bank, earned us the prestigious ‘Deal of the Year 2023’ award from Islamic Finance News (IFN), marks a significant milestone for Solidarity Bahrain. This transaction has not only strengthened our leading position in the local market but also enabled us to deliver exceptional value and the highest level of service to our clients.”

Jawad Mohammed, chief executive of Solidarity Bahrain, commented: “It gives us immense pride to report exceptional financial performance for the six-month period ended June 30, 2024. Our unwavering commitment to continuous improvement and exceeding customer expectations underscores the strength and resilience of Solidarity’s business strategy. We remain dedicated to driving sustainable growth, enhancing operational efficiency, and delivering outstanding value to our clients.”

He added: “The launch of several innovative solutions has allowed us to better meet the evolving needs of our diverse customer base. We extend our heartfelt gratitude to the entire Solidarity team for their tireless efforts in consistently exceeding customer expectations and delivering exceptional value.”