Latest news with #SolidarityBahrain
Zawya
14-05-2025
- Business
- Zawya
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. (
Zawya
09-04-2025
- Business
- Zawya
Solidarity Bahrain gets CBB approval to buy BNI and BNL
Bahrain - Solidarity Bahrain has announced that the Central Bank of Bahrain (CBB) has granted its final approval for the acquisition of Bahrain National Insurance Company and Bahrain National Life Company for a total purchase price of BD75 million in cash. The approval for BNL relates to the company's direct acquisition of 100 per cent of its share capital, while the approval for BNI relates to the acquisition of 100pc of its share capital by the company's majority shareholder, Solidarity Group Holding, in line with the transaction structure previously disclosed. As previously disclosed, upon completion of the company's ongoing capital increase exercise, Solidarity Bahrain will proceed to acquire BNI from Solidarity Group in accordance with the share purchase agreement executed between both parties on March 18, 2025. The completion of the transaction is expected to have a positive impact on Solidarity Bahrain's consolidated financial position by enhancing scale, operational efficiencies, and market leadership across both general and life insurance sectors, thereby supporting long-term growth and profitability. This transaction is a key step in Solidarity Bahrain's strategic journey to position itself as a driving force in the marketplace. By bringing BNI and BNL into Solidarity, the company will leverage their specialised expertise and established market presence to complement its existing strength. Once completed, this acquisition is expected to nearly double the current scale in Bahrain, with a combined annual gross written premium projected to exceed BD100m. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
20-03-2025
- Business
- Zawya
Solidarity Bahrain shareholders to get 27.5% stock dividend
Bahrain - Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, yesterday held its annual general assembly meeting (AGM), for the financial year ended December 31, 2024. The meeting was chaired by board of directors chairman Shaikh Khalid bin Mustahil Al Mashani and attended by the shareholders, representatives from the Industry and Commerce Ministry, Central Bank of Bahrain, Bahrain Bourse, and external auditors. The agenda of the AGM commenced with reviewing and approving the minutes of the previous meeting, along with the financial statements for the year ended December 31, 2024. The shareholders also approved the board of directors' recommendation on the distribution 27.5 per cent of stock dividends, of paid-up capital amounting to BD3,666,667, equivalent to 1 share for every 3.636 shares. It is worth noting that above-mentioned stock distribution has been approved by the Central Bank of Bahrain. Shaikh Khalid remarked on the occasion: 'Solidarity Bahrain continues to demonstrate a robust performance throughout the year, evident in its strong financial results. Our commitment to ongoing development over the past year reflects the enduring dedication of our stakeholders and our ambition to establish ourselves as leaders in the industry.' He further noted: 'We are optimistic that Solidarity Bahrain will sustain its growth trajectory, supported by our continuous achievements in the kingdom's insurance sector.' Solidarity Bahrain chief executive Jawad Mohammed said: 'Solidarity Bahrain experienced a successful 2024 across all areas, marked by strong profitability, significant contributions, and strategic expansion beyond Bahrain's borders. Financially, the company achieved a topline of BD60 million and a profit of BD8 million, demonstrating substantial growth compared to the previous year.' Mr Mohammed He added: 'A key milestone in our expansion strategy was the acquisition of nearly 30pc stake in Alliance Insurance, a Dubai-based composite insurer, with plans to secure an additional 20pc in the coming quarter. Furthermore, progress was made in the acquisition of bni and bnl, with updated SPAs signed between Solidarity Bahrain, Solidarity Holding, and BNH. The acquisition, expected to be finalised by the second week of April, will be followed by the merger of bni and bnl with Solidarity Bahrain, positioning the company as the market leader. Overall, the company's outlook is highly positive, surpassing the expectations of the previous year.' Mr Mohammed concluded: 'We are delighted to have successfully wrapped up the year, having launched several initiatives and reached numerous milestones thanks to the relentless efforts of our Solidarity Bahrain team. Alongside our strong financial performance, we have experienced significant internal and external growth, and we are confident in our continued advancement in the upcoming year.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
20-02-2025
- Business
- Zawya
Solidarity Bahrain announces $21.49mln profit for 2024
Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, reported an increase of 155 per cent in net profit attributable to shareholders' funds of BD3.156 million for the three-month period ended December 31, 2024, compared to BD1238,000 for the same period in 2023 (restated). The earnings per share for the three-month period were 23.68 fils, compared to 9.29 fils for the same period in 2023. The total comprehensive income attributable to shareholders' funds for the period reached BD3.136m, an increase of 14pc compared to BD2.759m for the same period of 2023. The net profit attributable to shareholders' funds for the 12-month period ended December 31, 2024 was BD6.891m, a 59pc increase from net profit of BD4.342m for 2023 (restated). The earnings per share for 2024 were 51.7 fils, compared to 32.58 fils for 2023. The total comprehensive income attributable to shareholders' funds for 2024 was BD6.488m, compared to BD6.429m for 2023, representing an increase of 1pc. The total net profit and surplus for the three-month period was BD3.551m, a 132pc increase when compared to BD1.531m for the same period in 2023. The total net profit and surplus for 2024 was BD8.068m, a 47pc increase when compared to BD5.479m for the same period in 2023, which is the result of improved technical surplus, investment income and bargain purchase gain recorded from Alliance Insurance acquisition. The shareholders' equity as end-2024 was BD39.511m, 9pc higher when compared to BD36.354m as of end-2023. The total assets as of end-2024 were BD108.177m, a 12pc increase compared to BD96.426m as of end-December 2023. The policyholders' fund reported a net surplus of BD395,000 for the three-month period, an increase of 35pc when compared to BD293,000 surplus for the same period in 2023. Solidarity reported a net surplus of BD1.177m for 2024, an increase of 4pc when compared to BD1.137m surplus for the same period in 2023. Recognised Takaful contributions were BD15.878m for the three-month period, compared to BD12.760 for the same period of 2023, representing an increase of 24pc. Recognised Takaful Contributions for 2024 were BD59.029m, compared to BD51.521m for the same period in 2023, representing an increase of 15pc. At the meeting held yesterday, the board of directors proposed a stock dividend distribution of 27.5pc of the paid-up capital, equivalent to one share for every 3.636 shares owned for 2024. This proposal is subject to approval from the company's shareholders at the upcoming annual general meeting. Commenting on the performance, Solidarity Bahrain chairman Shaikh Khalid bin Mustahail Al Mashani said: 'We take immense pride in delivering strong financial performance in 2024, a testament to the efficiency of our operational management and the success of our corporate strategies. 'In the last quarter of the year, Solidarity Bahrain was able to secure 29pc of the shares of Alliance Insurance in the UAE, a prominent insurance provider listed on Dubai Financial Market. This marked Solidarity's first step into the UAE, reinforcing its regional expansion strategy and a strong foundation for future growth alongside the signing of definitive sale and purchase agreements in relation to the acquiring stakes in both Bahrain National Insurance Company (BNI) and Bahrain National Life Assurance Company (BNL). 'These transactions align with our progressive strategy, which combines organic business expansion with inorganic growth through pursuing mergers and acquisitions both within and beyond Bahrain. This approach not only strengthens our market position but also creates substantial value for our clients, shareholders, and stakeholders alike while further reinforcing our leadership in the local and regional insurance sectors. 'We extend our sincere appreciation to our esteemed board members, whose prudent leadership has been instrumental in steering the company through remarkable growth and expansion. Our gratitude also goes to all contributors, officials and employees whose efforts and dedication have helped us to close 2024 on a strong foundation.' Meanwhile, Solidarity Bahrain chief executive Jawad Mohammed added: 'Throughout 2024, we remained steadfast in advancing our digital transformation initiatives with a firm focus on enhancing core service delivery and business development. These efforts have not only contributed to increased revenue but have also led to tangible improvements in our financial performance. Solidarity's recent key milestone was the launch of 'Solidarity Drive,' a mobile app designed to encourage safer driving behaviours and improve road safety by offering various benefits and rewards. 'This innovative initiative reflects our commitment to leveraging technology for social impact and customer engagement. We have full confidence in the expertise and vision of our board members and executive management team to propel Solidarity Bahrain towards achieving its ambitious goals for 2025 and beyond. As we look ahead, we remain committed to executing effective strategies and seizing growth opportunities that will drive our continued progress.'
