Solidarity Bahrain posts Q1 net profit of $4mln
Bahrain - Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, announced its financial results for the first quarter of 2025.
The company reported a net profit attributable to shareholders' funds of BD1.258 million for the three-month period ended March 31, 2025, compared to BD1.251m for the corresponding period in the previous year, representing a 1 per cent increase.
Earnings per share for the period stood at 7.4 fils, compared to 7.3 fils for the same period in 2024.
The total net profit and surplus for the three-month period ended March 31, 2025 was BD1.587m, compared to BD1.554m for the same period in 2024, representing a 2pc increase, primarily driven by improved technical surplus and investment income.
Shareholders' equity as of end-March 2025 stood at BD40.818m, compared to BD39.511m as of end-2024, reflecting a 3pc increase.
Total assets as of end-March 2025 were BD138.993m, compared to BD108.177m as of end-2024, marking a 28pc increase.
The policyholders' fund reported a net surplus of BD329,000 for the three-month period ended March 31, 2025, compared to BD303,000 for the same period in 2024, representing a 9pc increase.
Recognised takaful contribution amounted to BD13.654m as of end-March 2025, compared to BD13.921m for the same period of the previous year, reflecting a 2pc decrease.
Meanwhile, recognised takaful costs increased to BD8.861m for the period ended March 31, 2025, up from BD8.691m in the corresponding period of the previous year, representing a 2pc increase.
Commenting on the company's performance, Solidarity Bahrain chairman Shaikh Khalid bin Mustahail Al Mashani stated: 'We have delivered strong financial results in the first quarter of 2025, reflecting the effectiveness of our strategic direction and sound balance sheet management. This performance continues to deliver sustainable value to our customers, shareholders, and wider stakeholders as we work to provide insurance solutions that serve evolving market needs. Our successful acquisitions of Bahrain National Insurance Company (BNI) and Bahrain National Life Assurance Company (BNL) will fortify our status as the leading insurance company in the Kingdom and strengthen our leadership across the region.'
Mr Mohammed
Meanwhile, Solidarity Bahrain chief executive Jawad Mohammed added: 'Our financial results of Q1 2025 demonstrated the company's commitment to sustainable growth, operational excellence, and ensuring exceptional value for our customers, shareholders, and business partners. These metrics are a direct outcome of the strategic direction set by our Board and the unwavering dedication of our experienced team. We remain focused on capitalising on emerging market opportunities and strengthening our balance sheet through effective resource management in the months to come.'
He added: 'A key milestone that outlines our continuous efforts to enhance our offerings was the launch of 'Solidarity Drive,' the mobile app we developed to encourage responsible driving through a rewards-based model. This initiative stems from our broader social responsibility mandate, which also emphasises road safety across the kingdom.'
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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