For the second quarter of 2018, Solidarity has recorded a net profit of BD 593 thousand compared to a net loss of BD 166 thousand for the corresponding previous period, representing 457% increase. The increase in the net profits is mainly due to the improvement in loss and claims ratio and investment income in the second quarter of 2018 as compared to the corresponding previous period.
The earring per share have also increased to 9.65 fils for the six months period ended 30th June 2018 compared to 1.44 fils for the corresponding previous period, and for the second quarter of 2018, the earring per share is 4.94 fils compared to (2.68) fils for the corresponding previous period.
The shareholders’ equity as at 30th June 2018 is BD 24.81 million as compared to BD 23.51 million as at 31st December 2017, representing 5.56% increase and total asset as at 30th June 2018 is BD 68.78 million as compared to BD 65.70 million as at 31st December 2017, representing 4.69% increase.
“We are proud of Solidarity Bahrain’s performance and our accomplishments in the past period following the successful completion of the merger between two of Solidarity Group Holding’s subsidiaries, Al Ahlia Insurance Company B.S.C. and Solidarity General Takaful B.S.C (c),” Tawfeeq Shehab, Chairman of the company said.
“We are also very proud that Solidarity Bahrain has had its ratings assigned by A.M. Best Europe, receiving a financial strength rating of B++ (Good) with a stable outlook and issuer credit rating of “bbb” with a positive outlook”.
“Solidarity is currently the only rated Takaful Company in Bahrain; with this international recognition and accreditation Solidarity has managed to establish its position as one of the leading industry players, setting it apart from all but a handful of local insurance market players,” Jawad Mohamed, Chief Executive Officer, Solidarity Bahrain said.
“Solidarity remains focused on diversifying its operations and have made great progress in this regard with the delivery of enhanced insurance products through innovative and creative distribution channels”.
“We have an on-going focus on improving our competitiveness across the local market by leveraging on our knowledge and technical capabilities. We are confident that we will deliver our promises to customers and shareholders,” he added.
