SGT reports $1.5M net profit

Manama, Mar. 29 (BNA): Solidarity General Takaful "SGT", a subsidiary of one of the largest Takaful groups in the world, Solidarity Group Holding, reported a net profit of $1.5M in 2015 versus $1.4M in 2014, representing an 11.5% increase compared to last year. SGT also announced growth in gross contributions by 7% from US$36.8M to $39.4M. SGT have continued to demonstrate growth in Net Policyholders Surplus. During 2015 Net Policyholders Surplus increased by 44% reaching to $400K. SGT Policyholders Fund has repaid the Qard Al Hassan back to the Shareholders by end of 2014, which was provided to the Policyholders fund for solvency purposes. Jawad Mohamed, SGT General Manager said "We are proud of Solidarity’s performance and our accomplishments in 2015. We have fully implemented the CBB new Takaful regulations and complied with the requirements of Motor Compensation Fund. We are also very proud with the affirmation of Solidarity ratings by A.M. Best Europe, receiving a financial strength rating of B++ (Good) and insurer credit rating of "bbb", both with a stable outlook". "Solidarity is currently the only rated Takaful Company in Bahrain; with this international recognition and accreditation Solidarity has managed to establish its position as one of the leading industry players, setting it apart from all but a handful of local insurance market players", he added. "Solidarity remains focused on diversifying its operations and have made great progress in this regard with the delivery of enhanced insurance products through innovative and creative distribution channels". He continued "We have an on-going focus on improving our competitiveness across the local market by leveraging on our knowledge and technical capabilities. We are confident that we will deliver our promises to customers and shareholders," he concluded.