4 days ago
Solidarity Bahrain reports $16.18mln profit for H1 2025
Bahrain - Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, announced its consolidated financial results for the second quarter ended June 30, 2025.
During the quarter, the company has consolidated Bahrain National Insurance Company (BNI) and Bahrain National Life Company (BNL), effective April 1, 2025, in compliance with the applicable financial reporting standards.
The company reported a net profit attributable to shareholders' funds of BD4.710 million for the three-month period ended June 30, 2025, compared to BD1.196m for the corresponding period in the previous year, representing a 294pc increase.
The diluted earnings per share for the quarter stood at 27.72 fils, compared to 7.04 fils for the same period in 2024.
For the six-month period ended June 30, 2025, the net profit attributable to shareholders' funds was BD5.968m, compared to BD2.447m for the corresponding period in 2024, reflecting a 144pc increase.
The diluted earnings per share for the six-month period was 35.12 fils, up from 14.40 fils in 2024.
The total net profit and surplus for the three-month period ended June 30, 2025 was BD4.559m, compared to BD1.501m for the same period in 2024, reflecting a 204pc increase.
The total net profit and surplus for the six-month period ended June 30, 2025 was BD6.146m, compared to BD3.055m for the same period in 2024, representing a 101pc increase, primarily driven by the consolidation of BNI and BNL results, as well as gains recognised upon the reclassification of a financial investment to investment in associate as part of the consolidation adjustments.
Total equity attributable to shareholders as of June 30, 2025 stood at BD46.618m, compared to BD39.511m as of end-2024, reflecting an 18pc increase.
Total assets reached BD198.026m, compared to BD108.177m as of end-2024, marking an 83.1pc increase, mainly due to the consolidation of BNI and BNL in Q2 2025.
The policyholders' fund reported a net loss of BD151,000 for the three-month period ended June 30, 2025, compared to a surplus of BD305,000 in the same period of 2024, representing a decrease of 150pc.
For the six-month period, a net surplus of BD178,000 was recorded, compared to BD608,000 in 2024, reflecting a 71pc decrease.
Recognised takaful contributions for the three-month period ended June 30, 2025 stood at BD26.808m, compared to BD13.138m in the same period of 2024, marking a 104pc increase.
For the six-month period, contributions were BD40.462m, up from BD27.059m, reflecting a 50pc increase.
Commenting on the company's performance, Solidarity Bahrain chairman Shaikh Khalid bin Mustahail Al Mashani said: 'We are pleased to report strong financial results for the second quarter of 2025, driven significantly by the successful consolidation of BNI and BNL. This strategic move marks a milestone in our journey, contributing to remarkable growth in profit, equity, and overall assets. The company recorded a 144pc increase in half-yearly profit, reflecting our ability to integrate, scale, and extract value from strategic acquisitions. Our continued focus remains on enhancing value for our shareholders, customers, and all stakeholders through sustainable growth and performance.'
He added: 'We look to the future with confidence and are pursuing a long-term growth strategy aimed at delivering sustainable returns, ensuring Solidarity remains at the forefront of the local insurance industry. We are committed to expanding our business by seizing future growth opportunities, leveraging our deep-rooted expertise and solid experience in the insurance sector.'
Solidarity Bahrain chief executive Jawad Mohammed added: 'The company's outstanding results in Q2 2025 reflect the significant impact of consolidating BNI and BNL as well as organic growth during this quarter. This milestone has strengthened our financial position and underscores our forward-looking growth strategy, vision, and proven expertise in mergers and acquisitions.'
He continued: 'We remain committed to driving innovation and agility in our business model. As we have initiated the process of working towards a future merger with BNI and BNL, we aim to elevate our product and service offerings and deliver a more integrated, seamless customer journey. These efforts reinforce our ambition to lead the sector with a modern, resilient, and customer-centric insurance platform.'
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