12/05/2026 04:48 AST
Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, yesterday announced its financial results for the period ended March 31, 2026.
During the period, the company successfully completed the merger and full integration of Bahrain National Insurance Company (BNI) and Bahrain National Life Assurance Company (BNL) into Solidarity Bahrain, representing a key strategic milestone.
The transaction has enhanced the company's operational scale and efficiency, strengthened its market positioning, and expanded its customer base, with a positive contribution to the overall financial performance for the first quarter.
The company reported a net profit attributable to shareholders of BD1.833 million for the three-month period ended March 31, compared to BD1.258m for the corresponding period in the previous year, representing a 46 per cent increase.
Earnings per share for the period reached 10.79 fils, compared to 7.4 fils for the same period in 2025.
Total comprehensive income attributable to shareholders for the three months ended March 31, 2026 increased to BD2.203m, compared to BD1.307m in the same period of the previous year, representing a 69pc increase.
Total net profit and surplus for the three-month period ended March 31, 2026, was BD2.339m, compared to BD1.587m in the same period of 2025, reflecting a 47pc increase, primarily attributable to the inclusion of results from BNI and BNL, as the comparative period reflects a pre-merger position.
Total equity attributable to shareholders as at March 31, 2026 stood at BD51.395m, compared to BD54.666m as at December 31, 2025, reflecting a 6pc decrease. Total assets stood at BD185.354m, compared to BD208.261m at the end of 2025, with an 11pc decrease.
The policyholders' fund reported a net surplus of BD506,000 for the three-month period ended March 31, 2026, compared to BD329,000 for the same period in 2025, representing a 54pc increase.
Recognised Takaful contributions for the three-month period ended March 31, 2026 amounted to BD26.961m, compared to BD13.654m in the same period of 2025, representing a 97pc increase.
Solidarity Bahrain chairman Shaikh Khalid bin Mustahail Al Mashani said, "We would like to begin by expressing our sincere appreciation for the continued support extended to Bahrain's insurance sector under the leadership of His Majesty King Hamad and the guidance of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister which has been instrumental in fostering a stable and enabling environment for sustainable growth."
He added: "This quarter's increase in net profit and surplus reflects the underlying resilience of our business and the strategic direction set by the board of directors. We are highly confident in the executive management, which continues to strengthen its performance by adopting an approach aligned with the board of directors' vision, further reinforcing our commitment to sustainable growth and creating of long-term value for all stakeholders. We look forward to the coming period with confidence and optimism, strengthening our resilience and adaptability to recent economic developments, while capitalising on opportunities in Bahrain under the wise leadership of our government."
Jawad Mohammed, chief executive officer of Solidarity Bahrain, said, "We take immense pride in strength and stability of Bahrain's insurance sector, which stands as a key pillar of the national economy, underpinned by the Central Bank of Bahrain's pivotal role in supporting and advancing the financial sector, further strengthening its resilience and ability to navigate the challenges experienced by the kingdom in recent years."
He added: "The company has delivered a strong start to the year, recording an increase in net profit and surplus of 47pc compared to the same quarter in the previous year. This performance underscores the strength of its operational execution and efficiencies, coupled with a continued focus on enhancing customer experience and elevating service quality. We would also like to extend our sincere appreciation to the team for their outstanding efforts and meaningful contributions during this period, which have played a pivotal role in addressing current challenges and supporting the company's ambitions and objectives."
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