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.”
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