Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GIG Posts KD 10.2 Mln Net Profit In 2013  Join our daily free Newsletter

MENAFN - Arab Times - 05/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The Gulf Insurance, Kuwait's and the Middle East's leading insurance service group held its 50th annual general meeting and 17th extraordinary general assembly meeting followed by the annual transparency forum on Thursday at the Gulf Insurance Group (GIG) headquarters in Sharq.



Gulf Insurance Chairman Farqad Al Sane who presided the general assembly, presented the company's financial results for the year 2013 and its 2014 outlook to shareholders and financial analysts. Present also during the event were other GIG Executive Management and Board of Directors

Al Sane announced that it achieved net profit of KD 10.2 million (36 million) equivalent to 55.67 fils per share for the financial year ending 31/12/2013 with a rise of 10 percent as compared to KD 9.27 million (32.8 million) for the same period last year, and approved the distribution of cash dividends of 30% (30 fils per share). The book value of the share jumped to 428.4 fils per share compared to 397.7 fils per share in the same period last year



During the year, shareholders' equity increased by 7.6 percent or the equivalent of KD 5.6 million (19.7 million) to reach KD 78.5 million (277.4 million) as of 31 December 2013, compared to KD 72.9 million (257.7 million) in 2012 after the distribution of dividends by 25 percent cash in respect of the financial year ending 31/12/2013





The value of subscribed premiums increased by 8 percent in 2013 compared to the same period last year, reaching KD 157 million (554.9 million) with a rise of KD 11.66 million (41.2 million)

The net value of investments and cash was KD 169.5 million (598.95 million) as at the end of 2013 with a rise of 15 percent amounting to KD 22.16 million (78.3 million) as compared to 2012

The investment profit and other income reached KD 8.4 million (29.8 million) with a rise of 23.7% amounting to KD 1.6 million (5.7 million) as compared to the last year

The net technical reserves of the Company made a rise by KD 9.6 million by 10.9 percent to reach KD 97.85 million (345.8 million) at the end of 2013 as compared to KD 88.2 million (311.8 million) as of Dec 31, 2012 supporting the operating activities and protecting the rights of policy holders and, hence, enhancing the Group ability to bear the contingent risks that may arise in the future. The total budget reached KD 320.4 million (1.1 billion) as of Dec 31, 2013 with an increment of KD 22.1 million (78 million) at 7.4 percent compared with the year ending Dec 31, 2012





Al Sane's presentation was followed by the Shafafiyah (Transparency) Forum with GIG CEO Khaled Al Hassan at the helm.

"We expect to generate more income and profits with doubled figures in the coming years," he stated. He added that Gulf Insurance will continue with its regional expansion through its access in the Algerian market by acquiring a share of 49% in Algerian Insurance and will double the total subscribed premiums over the next five years to reach 1 billion

"The financial solvency and credit rating reached higher levels. Gulf Insurance Group maintained the rating of (A-) with a stable outlook in Standard & Poor's ratings, being the highest in ratings among Kuwaiti insurance companies," pointed out Al Hassan



GIG posts

The Group and its affiliates maintained the credit rating granted by the global rating company, AM Best

"The Group succeeded to increase the ownership in the Arab Orient Insurance Company (Jordan) to 88.907%," he cited. He outlined that these results reflect the growth achieved by the Group to enhance its ability to protect its assets and its shareholders' rights, and is in line with the company's ongoing efforts to deliver the best insurance products to its customers across all markets it operates in. These achievements, supported by the company's strategy, are aimed at furthering our regional expansion to increase the group's local and regional market shares

"Our results are attributed to the ongoing support of our valued customers and their trust in the Group's management and services. Moreover, we thank our shareholders, particularly, Kuwait Projects Company (Holding) and Fairfax Middle East Company for their continuous support, as well as the devotion and loyalty of the Group's staff to whom I would like to express my gratitude and appreciation," he stated





For 2014, Al Hassan stressed that GIG is bent on maintaining its leadership position and to improve its market share by enhancing the focus on customer's needs. In terms of governance and compliance, he cited that transparency, accountability and fairness are the cornerstones of the GIG corporate culture as it seeks to be in line with the regulatory requirements. He added that they will work continuously to improve career development programs, training programs for GIG employees as well as improve the technical performance of the group through the development of issuance processes and the effective control of claims

 


Arab Times




  MENA News Headlines
 Mar 28 2015 - Saudi pounds Yemen rebel campsThe Peninsula
(MENAFN - The Peninsula) Saudi-led coalition warplanes bombed rebel camps in Yemen Friday in a second straight day of strikes as embattled President Abedrabbo Mansour Hadi arrived in Egypt for talks ...

 Mar 28 2015 - Qatar- QMMF's West, Simon start strong at homeThe Peninsula
(MENAFN - The Peninsula) QMMF Racing Team's Anthony West and Julian Simon made a good start to the 2015 Moto2 season at the Losail International Circuit here on Thursday night.Under floodlights of ...

 Mar 28 2015 - Qatar- Cudlin wins first raceThe Peninsula
(MENAFN - The Peninsula) Britain's Alex Cudlin (centre) won the first Qatar SuperBike (QSBK) race at Losail International Circuit on Thursday night. German rider Nina Prinz (left) came second. ...

 Mar 28 2015 - Qatar- Marquez stays on top of time sheetsThe Peninsula
(MENAFN - The Peninsula) MotoGP world champion Marc Marquez of Repsol Honda yesterday finished on top of the combined time sheets after a frantic end to Free Practice (FP) 3 with Britain's Cal ...

 Mar 28 2015 - Oil dives 4.7% on easing Yemen worriesThe Peninsula
(MENAFN - The Peninsula) Oil prices sank Friday, giving back some gains from a two-day surge, as traders kept an eye on the Saudi-led air assault against Shiite rebels in Yemen.US benchmark West ...

 Mar 28 2015 - UN orders Libya rights abuses investigationThe Peninsula
(MENAFN - The Peninsula) The UN Human Rights Council decided Friday to send a mission to war-torn Libya to investigate a range of abuses by different sides and help bring perpetrators to justice.The ...

 Mar 28 2015 - Ex-president Saleh calls for Yemen ceasefireThe Peninsula
(MENAFN - The Peninsula) Former Yemeni president Ali Abdullah Saleh, who is close to the country's Shiite Huthi rebels, called Friday for a ceasefire and the resumption of UN-brokered dialogue ...

 Mar 28 2015 - Saudi pounds Houthi campsThe Peninsula
(MENAFN - The Peninsula) Saudi Arabia said yesterday the coalition forces it is leading will not at any cost allow weapons or other supplies to be made to Houthi militiamen in Yemen.The spokesman for ...

 Mar 28 2015 - Hamas denounces EU terror list decisionThe Peninsula
(MENAFN - The Peninsula) Hamas on Friday denounced a European Union decision to keep the Palestinian Islamist group and de facto Gaza Strip ruler on its terrorism blacklist, despite a court ordering ...

 Mar 28 2015 - Qatar- 28th Qafco Flower and Vegetable Show opensThe Peninsula
(MENAFN - The Peninsula) The 28th edition of the Qafco Flower and Vegetable Show has witnessed nearly 500 competitors and 5,000 exhibits at Al Banush Club in Mesaieed.This year, the event has been ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help