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 725 thousands for the three-month period ended 31st March 2019 against a net profit of BD 564 thousand for the corresponding previous period, representing 29% increase. In regard to policyholder’s fund, Solidarity has reported a net surplus of BD 54 thousand, as compared to the BD 3 thousand surplus for the same period in 2018, representing an increase of 1700%. The increase in the net profits is mainly due to the improvement in technical income in 2019 as compared to the corresponding previous period.
Solidarity has registered gross premium of BD 7.80 million for the three-month period ended 31st March 2019 compared to BD 7.55 million for the corresponding previous period, representing an increase of 3%.
The earning per share has also increased to 6 fils for the three-month period ended 31st March 2019 compared to 4.7 fils for the same period in 2018.
The shareholders’ equity as at 31st March 2019 is BD 25.385 million as compared to BD 25.907 million as at 31st December 2018, representing 2% decline, and total asset as at 31st March 2019 is BD 70.74 million as compared to BD 68.61 million as at 31st December 2018, representing 3% increase.
Commenting on the Company’s results, Mr. Tawfeeq Shehab, Chairman to the board of directors said: “The Board is pleased to announce the results for the first quarter of 2019 which is the outcome of #TeamSolidarity sheer commitment and perseverance. He also added: “The Board is confident that #TeamSolidarity is working in the right direction and will not leave any stone unturned to achieve greater pinnacles and success”.
For his part Jawad Mohamed, Chief Executive Officer, Solidarity Bahrain said: “With dedication, commitment, and staying true to our people, we are proud to say that we have successfully passed the first quarter of the year and we are committed to continue the same momentum throughout the year”. He also added: “Moving forward with our digital experience strategy, we will continue uplifting our customer experience by offering the best solutions with the most convenient and easiest means”.