Solidarity Bahrain reports profits

TDT | Manama

Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, announced a net profit attributed to shareholders’ fund of BD 720 thousand for the three months ended 31st December 2019, compared to BD 762 thousand in the prior-year quarter, with a decrease of 6 per cent, hurt by higher provisions booked in the last quarter of 2019. Quarterly earning per share was 6.00 fils compared to 6.35 fils for the same period in 2018. Gross premium was BD 8.743 m compared to BD 8.188 m for the corresponding previous period, representing an increase of 7pc. Total comprehensive income attributed to shareholders’ fund was BD 688 thousand compared to BD 671 Thousand in the yearago quarter, representing 3pc increase.

Net profit attributed to shareholders’ fund for the twelve months was BD 2.616 million against a net profit of BD 2.306 m for the corresponding previous period, representing 13pc increase which is the result of improved investment income and performance of the shareholders’ fund. Earning per share increased to 21.81 fils compared to 19.22 fils in the same period in 2018. Total comprehensive income attributed to shareholders’ fund was BD 2.859 m compared to BD 2.399 m for the same period in 2018, representing 19pc increase.

Total net profit and surplus was BD 2.9 m compared to BD 2.6 m a year ago, representing 13pc increase thanks to improved investment income and underwriting performance. Gross contribution was BD 30.852 m compared to BD 30.072 m for the corresponding previous period, representing an increase of 3pc. The board also recommended a cash dividend of 15pc to the shareholders subject to the approval of AGM.