Solidarity Bahrain announces profits of BD1.4m in H1
Saturday, 08 08 2020, Category: Islamic Banking, Country: Bahrain
Solidarity Bahrain B.S.C. (Trading Code: SOLID), one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, has announced a net profit attributed to shareholders’ fund of BD 1.360 million for the six-month period ended 30th June 2020 against a net profit of BD 1.289 million for the corresponding previous period, representing 6% increase.
In regard to policyholder’s fund, Solidarity has reported a net surplus of BD 53 thousand, as compared to the BD 14 thousand surplus for the same period in 2019, representing an increase of 279%. The increase in the net profits is mainly due to the improvement in technical surplus in 2020 as compared to the corresponding previous period.
Solidarity has registered gross contribution of BD 15.483 million for the six-month period ended 30th June 2020 compared to BD 15.394 million for the corresponding previous period, representing an increase of 1%.