Solidarity Bahrain, a subsidiary of Solidarity Group Holding, has announced a net profit of BD1.071 million for the three-month period ended June 30, 2023, compared to BD952,000 for the same period in 2022, representing an increase of 13 per cent.

The earning per share for the three-month period was 8.04 fils compared to 7.25 fils for the same period in 2022.

The net profit for the six-month period ended June 30, 2023 is BD2.102m against a net profit of BD1.827m attributable to shareholders for the corresponding previous period, representing 15pc increase which is the result of improved technical surplus and performance of the shareholders fund. The earning per share for the six-month period has increased to 15.77 fils compared to 13.92 fils for the same period in 2022.

The total net profit and surplus for the three-month period ended June 30, 2023 is BD1.264m compared to BD1.018m for the same period in 2022, representing 13pc increase. The total net profit and surplus for the six-month period ended June 30, 2023 is BD2.505m compared to BD2.041m for the same period in 2022, representing 23pc increase.

The shareholders’ equity as at June 30, 2023 is BD32.677m as compared to BD32.784m as at December 31, 2022 representing a slight decrease of 0.3pc, and total asset as at June 30, 2023 is BD99.431m as compared to BD99.507m as at December 31, 2022, representing a slight decrease of 0.10pc.

With regards to policyholder’s fund, Solidarity has reported a net surplus of BD193,000 for the three-month period ended June 30, 2023, as compared to BD66,000 surplus for the same period in 2022, representing an increase of 192pc. Solidarity has reported a net surplus of BD403,000 for six-month period ended June 30, 2023, as compared to the BD214,000 surplus for the same period in 2022, representing an increase of 88pc.

Solidarity has registered gross premium of BD9.872m for the three-month period ended June 30, 2023 compared to BD9.914m for the corresponding previous period. The gross contribution for the six-month period ended June 30, 2023 is BD26.180m compared to BD21.520m for the corresponding previous period, representing an increase of 22pc.

Commenting, chairman Shaikh Khalid bin Mustahail Al Mashani said: “It gives us great pleasure to announce Solidarity Bahrain’s solid performance during the past six months of 2023, as this comes as a result of the company’s constant efforts in achieving business growth and delivering value to our shareholders and customers.”

He added: “We are optimistic about the opportunities ahead of us and remain committed to our long-term growth strategy. Through this strategy, we aim to deliver sustainable returns on investment, create value for shareholders, and strive to leverage our expertise by capitalising on opportunities for profitable growth within the growing insurance markets.”

Chief executive Jawad Mohammed commented: “The financial results for the period ended June 30, 2023 demonstrated the company’s continuous efforts and commitment to achieving positive growth for the company at different tiers. Solidarity Bahrain’s strategy in the past years focused on digitising operations and providing excellent services to customers and business partners, which is demonstrated through various customer-centric initiatives like the recently launched Claims Centre to accommodate all the services under one umbrella and launch of a revamped website which offers a user-friendly experience with a simplified layout.”

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