Solidarity Bahrain posts net profit

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MANAMA: Solidarity Bahrain has announced a net profit attributed to shareholders’ fund of BD619,000 for the three-months ended September 30, 2021, compared to BD615,000 for the same period in 2020, representing an increase of one per cent.

The earnings per share for the quarter is 5.16 fils compared to 5.13 fils for the same period in 2020.

Net profit attributed to shareholders’ fund for the nine-month period ended September 30, 2021 is BD2.058 million as against a net profit of BD1.975m for the corresponding previous period, representing a 4pc increase, which is the result of improved technical surplus, investment income and performance of the shareholder’s fund.

The earnings per share for the nine-month period increased to 17.16 fils from 16.47 fils during the same period in 2020.

Total net profit and surplus for the quarter was BD729,000 compared to BD719,000 for the same period in 2020, representing a 1pc increase.

The total net profit and surplus for the nine-month period ended September 30, 2021 is BD2.289m compared to BD2.132m for the same period in 2020, representing 7pc increase.

Shareholders’ equity as of end-September 2021 was BD29.075m, 3pc higher when compared with BD28.328m as of end-2020 and total assets as of end-September 2021 was BD71.206m as compared to BD68.139m as of end-2020, representing a 5pc increase.

With regards to policyholders fund, Solidarity has reported a net surplus of BD110,000 for the three-month period, as compared to BD104,000 surplus for the same period in 2020, representing an increase of 6pc.

Solidarity has reported a net surplus of BD231,000 for the nine-month period as compared to BD157,000 surplus for the same period in 2020, representing an increase of 47pc.

The insurer has registered gross premium of BD7.170m for the three-months compared to BD6.804m for the corresponding previous period, representing an increase of 5pc.

Gross contribution for the nine-months was BD22.804m compared to BD22.287m for the corresponding previous period, representing an increase of 2pc.

Commenting on the performance, chairman Tawfeeq Shehab said: “Solidarity’s board is pleased with the company’s performance for the first nine months of 2021. The company maintained outstanding performance, which is reflected in our financial results for the third quarter. We are proud of the commitment of #TeamSolidarity and their diligent and attentive efforts to achieve the strategic objectives.”

Jawad Mohammed, chief executive of Solidarity Bahrain, commented: “The financial results for the nine months confirm the commitment towards achieving growth in revenues and returns and continuing to provide excellent services to customers and business partners. The company is operating according to a clear growth plan and has been named the kingdom’s ‘Best General Insurance Company for Innovation’ and the ‘Best Online Insurance Company in Bahrain’ by The Global Economics magazine.”

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