Solidarity’s Bahrain subsidiaries report growth
MANAMA, BAHRAIN – 30 March, 2010 – Solidarity Group Holding’s Bahrain based subsidiaries, Solidarity Family Takaful Company and Solidarity General Takaful Company, both reported healthy growth in 2009, despite increasingly challenging conditions.
Solidarity Family Takaful Company General Manager, Gopi Rao, who is also the Acting General Manager of Solidarity General Takaful Company, said both companies saw top line growth as well as creditable technical performance during 2009.
“Solidarity General Takaful Company reported impressive top line growth in 2009, with gross contributions of US$ 20.67 million. This represents an increase of 48 percent compared to corresponding period of 2008. This growth is made all the more impressive by the fact that Solidarity General Takaful Company operates in a highly competitive market and under increasingly challenging conditions,” said Rao. “Although some classes of business such as those related to the construction industry have been negatively impacted by the financial conditions, Solidarity General Takaful has been able to grow in other, less affected areas,” he said.
“Solidarity Family Takaful Company also saw an increase in gross contributions to US$ 14.18M during the year. The Company had a surplus in the policy holders account and maintained a high level of renewals reflecting the market confidence in the Company,” said Rao. “Overall, we are pleased that 2009 was a year of steady progress in all operational parameters. We are now positioned for further growth and will benefit from improved financial market conditions which, hopefully, will be witnessed during 2010,” he said.