MANAMA: Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, has announced a net profit of BD720,000 for the three-months ended December 2019, compared with BD762,000 for the same period in 2018, with a decrease of six per cent due to higher provisions booked in the last quarter of 2019.
Earnings per share for the period were six fils compared with 6.35 fils for the same period in 2018.
Total comprehensive income for the period is BD688,000 compared with BD671,000 for the same period in 2018, representing 3pc increase.
Net profit for the year ended December 2019 is BD2.616m as against BD2.306m 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 for the year increased to 21.81 fils compared with 19.22 fils for 2018.
Total comprehensive income for 2019 is BD2.859m compared with BD2.399m for 2018, representing 19pc increase.
Total net profit and surplus for 2019 is BD2.9m compared with BD2.6m for 2018, representing 13pc increase which is the result of improved investment income and underwriting performance.
Shareholders’ equity as of end-December 2019 is BD27.267m as compared with BD25.907m for the corresponding previous period, representing 5pc increase, and total assets as of end-December 2019 was BD69.488m as compared with BD68.614m as of end-December 2018, representing 1pc increase.
With regards to policyholders’ fund, Solidarity has reported a net surplus of BD179,000 for the three-month period ended December 2019, as compared with BD124,000 surplus for the same period in 2018 with an increase of 44pc.
Solidarity has reported a net surplus of BD287,000 for the year ended December 2019, as compared with BD270,000 surplus for the same period in 2018, representing an increase of 6pc.
The increase in overall net profit is mainly due to the improvement in technical results and investment income in 2019 as compared with the corresponding previous period.
Solidarity has registered gross premium of BD8.743m for the three-month period compared with BD8.188m for the corresponding previous period, representing an increase of 7pc.
The gross contribution for 2019 is BD30.852m compared with BD30.072m for the corresponding previous period, representing an increase of 3pc.
Chairman Tawfeeq Shehab said, “Solidarity Bahrain has seen another year of solid performance. The investments made by the company over the past few years in our people have enhanced productivity and efficiency, which led to a positive return on the overall positioning of the company in the kingdom.”
For 2019, the board of directors has recommended a cash dividend of 15pc subject to the approval of shareholders in the annual general meeting.
Chief executive Jawad Mohamed said, “We are delighted to have kept our promises to deliver growth in our revenues and profits.”
&uuid=(email))