MANAMA: Solidarity Bahrain has announced a net profit of BD607,000 for the three-months till end-September, compared with BD387,000 during the third quarter of previous year with an increase of 57 per cent.

Net profit for the nine-months till end-September is BD1.896 million against a net profit of BD1.544m for the corresponding previous period, representing a 23pc increase.

The earning per share (EPS) for the quarter is 5.06 fils compared with 3.23 fils for the same period in 2018.

For the nine-months, EPS has also increased to 15.81 fils compared with 12.87 fils for the same period in 2018.

The increase in the overall net profit is mainly due to the improvement in technical results and investment income in 2019 as compared with the corresponding previous period.

With regards to the policyholders fund, Solidarity has reported a net surplus of BD94,000 for the three months as compared with BD123,000 surplus for the same period in 2018 with a decrease of 24pc.

For the first nine months of 2019, net surplus was BD108,000, a decrease of 26pc when compared with BD146,000 in 2018.

Gross premium for the quarter was BD6.715m compared with BD6.755m for the corresponding previous period, representing a decrease of 1pc.

Gross contribution for the nine-month period was BD22.109m compared with BD21.884m for the corresponding previous period, representing an increase of 1pc.

Net contribution earned for the quarter was BD3.699m compared with BD3.976m for the corresponding previous period, representing a decrease of 7pc.

Net contribution earned for the nine-month period was BD11.281m compared with BD11.212m for the corresponding previous period, representing an increase of 1pc.

Shareholders’ equity as of end-September was BD26.579m as compared with BD25.907m as of end-2018, representing 2.5pc increase, and total assets as of end-September were BD70.11m as compared with BD68.614m as of end-2018, representing 2pc increase.

Commenting, chairman Tawfeeq Shehab said: “The board is pleased to announce the results for the third quarter of 2019 which is the outcome of #TeamSolidarity sheer commitment and perseverance. 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.”

Solidarity Bahrain chief executive Jawad Mohamed said: “With dedication, commitment and staying true to our people, we are proud to say that we have successfully passed the first three quarters of the year and we are committed to continue the same momentum. Moving forward with our digital transformation strategy, we will continue uplifting our customer experience by offering best solutions with most convenient and easiest means.”

Solidarity Bahrain is one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding.

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