Solidarity Group Holding one of the world s largest takaful groups recently held its ordinary and extraordinary general assembly meetings for the financial year ended December 31 2024. The meetings chaired by Zayed Al Amin vice chairman of the board of directors were attended by shareholders members of the board of directors regulatory authorities the chairman of the Sharia Supervisory Board and the external auditors. The annual general assembly commenced with the approval of the agenda items including the consolidated financial statements for the year ended December 31 2024. Shaikh Khalid bin Mustahil Al Mashani chairman of the board of directors commented: We take pride in the substantial achievements of the group for the year ended December 31 2024 which underline our ongoing positioning as one of the largest takaful groups. The group remains committed to its strategic initiatives focused on fostering growth unlocking operational efficiencies and enhancing value creation for our shareholders and stakeholders thereby ensuring sustainable value for our shareholders. The group chief executive Ashraf Bseisu added: We are pleased to see the positive outcomes from our meetings and the continuous support from the group s shareholders. We reaffirm our commitment to generating sustainable value for our shareholders. Looking ahead we are optimistic about the group s future and dedicated to maintaining this positive momentum in the years to come. Our strategies will continue to evolve to adapt to market changes while upholding our commitment to excellence. Solidarity Group Holding boasts a strong track record of performance and a solid presence in the takaful industry. The group s focus on innovation customer satisfaction and stakeholder value has established it as a leader in the market.
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Solidarity Group Holding one of the world s largest takaful groups recently held its ordinary and extraordinary general assembly meetings for the financial year ended December 31 2024. The meetings chaired by Zayed Al Amin vice chairman of the board of directors were attended by shareholders members of the board of directors regulatory authorities the chairman of the Sharia Supervisory Board and the external auditors. The annual general assembly commenced with the approval of the agenda items including the consolidated financial statements for the year ended December 31 2024. Shaikh Khalid bin Mustahil Al Mashani chairman of the board of directors commented: We take pride in the substantial achievements of the group for the year ended December 31 2024 which underline our ongoing positioning as one of the largest takaful groups. The group remains committed to its strategic initiatives focused on fostering growth unlocking operational efficiencies and enhancing value creation for our shareholders and stakeholders thereby ensuring sustainable value for our shareholders. The group chief executive Ashraf Bseisu added: We are pleased to see the positive outcomes from our meetings and the continuous support from the group s shareholders. We reaffirm our commitment to generating sustainable value for our shareholders. Looking ahead we are optimistic about the group s future and dedicated to maintaining this positive momentum in the years to come. Our strategies will continue to evolve to adapt to market changes while upholding our commitment to excellence. Solidarity Group Holding boasts a strong track record of performance and a solid presence in the takaful industry. The group s focus on innovation customer satisfaction and stakeholder value has established it as a leader in the market.
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. 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.
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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. 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.
Solidarity Bahrain one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding has announced the launch of its annual Ramadan campaign offering customers a month-long opportunity to benefit from exclusive discounts on motor home and travel insurance. During the holy month Solidarity Bahrain customers can take advantage of exceptional offers available through the company s digital channels including a 15 per cent discount on home and travel insurance packages by using the promo code RMDN25 . Additionally customers can benefit from exclusive motor insurance bundled benefits for only BD25. The motor bundle package will offer exclusive benefits that go beyond basic coverage providing access to premium services such as airport drop-off taxi arrangements to and from periodic maintenance centres vehicle inspection assistance and emergency home support. Additionally customers will receive a replacement vehicle for up to 15 days coverage against natural calamities extended vehicle insurance in Saudi Arabia and windshield coverage of up to BD500. These offers can be availed across all Solidarity channels. Commenting on the initiative Solidarity Bahrain head of marketing and digital channels Jalal Aqelah said At Solidarity Bahrain we are committed to providing our valued customers with tailored insurance solutions that not only meet but exceed their expectations. Every year we celebrate Ramadan by introducing exclusive offers designed to ease financial burdens and encourage individuals to make the most of our competitive insurance plans. This initiative reflects our deep-rooted commitment to community giving ensuring that the values of generosity and support remain at the core of our business. We encourage everyone to take advantage of these Ramadan offers through our digital platforms.
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Solidarity Bahrain one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding has announced the launch of its annual Ramadan campaign offering customers a month-long opportunity to benefit from exclusive discounts on motor home and travel insurance. During the holy month Solidarity Bahrain customers can take advantage of exceptional offers available through the company s digital channels including a 15 per cent discount on home and travel insurance packages by using the promo code RMDN25 . Additionally customers can benefit from exclusive motor insurance bundled benefits for only BD25. The motor bundle package will offer exclusive benefits that go beyond basic coverage providing access to premium services such as airport drop-off taxi arrangements to and from periodic maintenance centres vehicle inspection assistance and emergency home support. Additionally customers will receive a replacement vehicle for up to 15 days coverage against natural calamities extended vehicle insurance in Saudi Arabia and windshield coverage of up to BD500. These offers can be availed across all Solidarity channels. Commenting on the initiative Solidarity Bahrain head of marketing and digital channels Jalal Aqelah said At Solidarity Bahrain we are committed to providing our valued customers with tailored insurance solutions that not only meet but exceed their expectations. Every year we celebrate Ramadan by introducing exclusive offers designed to ease financial burdens and encourage individuals to make the most of our competitive insurance plans. This initiative reflects our deep-rooted commitment to community giving ensuring that the values of generosity and support remain at the core of our business. We encourage everyone to take advantage of these Ramadan offers through our digital platforms.
Staff members of Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding recently enjoyed a Ramadan Staff Ghabga at The Ritz-Carlton Bahrain. The event was attended by executive management and employees of Solidarity. The event was an opportunity for employees to reconnect and celebrate the spirit of Ramadan together. A variety of appreciation awards and trophies were presented throughout the evening. The group s executive management on the occasion of the holy month expressed thanks and appreciation to the employees for their hard work perseverance and continuous dedication.
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Staff members of Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding recently enjoyed a Ramadan Staff Ghabga at The Ritz-Carlton Bahrain. The event was attended by executive management and employees of Solidarity. The event was an opportunity for employees to reconnect and celebrate the spirit of Ramadan together. A variety of appreciation awards and trophies were presented throughout the evening. The group s executive management on the occasion of the holy month expressed thanks and appreciation to the employees for their hard work perseverance and continuous dedication.
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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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.
Solidarity Group Holding one of the world s largest takaful groups recently held its ordinary and extraordinary general assembly meetings for the financial year ended December 31 2024. The meetings chaired by Zayed Al Amin vice chairman of the board of directors were attended by shareholders members of the board of directors regulatory authorities the chairman of the Sharia Supervisory Board and the external auditors. The annual general assembly commenced with the approval of the agenda items including the consolidated financial statements for the year ended December 31 2024. Shaikh Khalid bin Mustahil Al Mashani chairman of the board of directors commented: We take pride in the substantial achievements of the group for the year ended December 31 2024 which underline our ongoing positioning as one of the largest takaful groups. The group remains committed to its strategic initiatives focused on fostering growth unlocking operational efficiencies and enhancing value creation for our shareholders and stakeholders thereby ensuring sustainable value for our shareholders. The group chief executive Ashraf Bseisu added: We are pleased to see the positive outcomes from our meetings and the continuous support from the group s shareholders. We reaffirm our commitment to generating sustainable value for our shareholders. Looking ahead we are optimistic about the group s future and dedicated to maintaining this positive momentum in the years to come. Our strategies will continue to evolve to adapt to market changes while upholding our commitment to excellence. Solidarity Group Holding boasts a strong track record of performance and a solid presence in the takaful industry. The group s focus on innovation customer satisfaction and stakeholder value has established it as a leader in the market.
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Solidarity Group Holding one of the world s largest takaful groups recently held its ordinary and extraordinary general assembly meetings for the financial year ended December 31 2024. The meetings chaired by Zayed Al Amin vice chairman of the board of directors were attended by shareholders members of the board of directors regulatory authorities the chairman of the Sharia Supervisory Board and the external auditors. The annual general assembly commenced with the approval of the agenda items including the consolidated financial statements for the year ended December 31 2024. Shaikh Khalid bin Mustahil Al Mashani chairman of the board of directors commented: We take pride in the substantial achievements of the group for the year ended December 31 2024 which underline our ongoing positioning as one of the largest takaful groups. The group remains committed to its strategic initiatives focused on fostering growth unlocking operational efficiencies and enhancing value creation for our shareholders and stakeholders thereby ensuring sustainable value for our shareholders. The group chief executive Ashraf Bseisu added: We are pleased to see the positive outcomes from our meetings and the continuous support from the group s shareholders. We reaffirm our commitment to generating sustainable value for our shareholders. Looking ahead we are optimistic about the group s future and dedicated to maintaining this positive momentum in the years to come. Our strategies will continue to evolve to adapt to market changes while upholding our commitment to excellence. Solidarity Group Holding boasts a strong track record of performance and a solid presence in the takaful industry. The group s focus on innovation customer satisfaction and stakeholder value has established it as a leader in the market.
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. 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.
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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. 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.
Solidarity Bahrain one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding has announced the launch of its annual Ramadan campaign offering customers a month-long opportunity to benefit from exclusive discounts on motor home and travel insurance. During the holy month Solidarity Bahrain customers can take advantage of exceptional offers available through the company s digital channels including a 15 per cent discount on home and travel insurance packages by using the promo code RMDN25 . Additionally customers can benefit from exclusive motor insurance bundled benefits for only BD25. The motor bundle package will offer exclusive benefits that go beyond basic coverage providing access to premium services such as airport drop-off taxi arrangements to and from periodic maintenance centres vehicle inspection assistance and emergency home support. Additionally customers will receive a replacement vehicle for up to 15 days coverage against natural calamities extended vehicle insurance in Saudi Arabia and windshield coverage of up to BD500. These offers can be availed across all Solidarity channels. Commenting on the initiative Solidarity Bahrain head of marketing and digital channels Jalal Aqelah said At Solidarity Bahrain we are committed to providing our valued customers with tailored insurance solutions that not only meet but exceed their expectations. Every year we celebrate Ramadan by introducing exclusive offers designed to ease financial burdens and encourage individuals to make the most of our competitive insurance plans. This initiative reflects our deep-rooted commitment to community giving ensuring that the values of generosity and support remain at the core of our business. We encourage everyone to take advantage of these Ramadan offers through our digital platforms.
Read More
Solidarity Bahrain one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding has announced the launch of its annual Ramadan campaign offering customers a month-long opportunity to benefit from exclusive discounts on motor home and travel insurance. During the holy month Solidarity Bahrain customers can take advantage of exceptional offers available through the company s digital channels including a 15 per cent discount on home and travel insurance packages by using the promo code RMDN25 . Additionally customers can benefit from exclusive motor insurance bundled benefits for only BD25. The motor bundle package will offer exclusive benefits that go beyond basic coverage providing access to premium services such as airport drop-off taxi arrangements to and from periodic maintenance centres vehicle inspection assistance and emergency home support. Additionally customers will receive a replacement vehicle for up to 15 days coverage against natural calamities extended vehicle insurance in Saudi Arabia and windshield coverage of up to BD500. These offers can be availed across all Solidarity channels. Commenting on the initiative Solidarity Bahrain head of marketing and digital channels Jalal Aqelah said At Solidarity Bahrain we are committed to providing our valued customers with tailored insurance solutions that not only meet but exceed their expectations. Every year we celebrate Ramadan by introducing exclusive offers designed to ease financial burdens and encourage individuals to make the most of our competitive insurance plans. This initiative reflects our deep-rooted commitment to community giving ensuring that the values of generosity and support remain at the core of our business. We encourage everyone to take advantage of these Ramadan offers through our digital platforms.
Staff members of Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding recently enjoyed a Ramadan Staff Ghabga at The Ritz-Carlton Bahrain. The event was attended by executive management and employees of Solidarity. The event was an opportunity for employees to reconnect and celebrate the spirit of Ramadan together. A variety of appreciation awards and trophies were presented throughout the evening. The group s executive management on the occasion of the holy month expressed thanks and appreciation to the employees for their hard work perseverance and continuous dedication.
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Staff members of Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding recently enjoyed a Ramadan Staff Ghabga at The Ritz-Carlton Bahrain. The event was attended by executive management and employees of Solidarity. The event was an opportunity for employees to reconnect and celebrate the spirit of Ramadan together. A variety of appreciation awards and trophies were presented throughout the evening. The group s executive management on the occasion of the holy month expressed thanks and appreciation to the employees for their hard work perseverance and continuous dedication.
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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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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