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
 Oct 4 2015 - RTA awards USD68.06m contract for Dubai Parks bridgeMENAFN
(MENAFN) The Roads and Transport Authority (RTA) has awarded a USD68.06 million contract for the construction of roads and bridges at the Dubai Parks and Resorts project in cooperation with Meraas ...

 Oct 4 2015 - Kuwait- FIFA dispatches letter to KFA †'Modify law or face suspension'Arab Times
(MENAFN - Arab Times) Kuwait Football Association (KFA) announced that FIFA dispatched a letter to the association Thursday opposing the new law that governs Kuwaiti football. The letter specified ...

 Oct 4 2015 - Kuwait- Gym Team marks birthday of mentor, spends power-packed routinesArab Times
(MENAFN - Arab Times) The Gym Team had a day of fun and powerpacked routines as they celebrated the birthday of one of its mentors, Ida Pelaud, wife of the General Manager of Radisson Blu Hotel who ...

 Oct 4 2015 - Kuwait crude up 66 centsArab Times
(MENAFN - Arab Times) The price of Kuwaiti crude oil was up by 66 cents Thursday to reach $43.04 per barrel after being at $42.38 pb the day before, said a statement by the Kuwait Petroleum ...

 Oct 4 2015 - Kuwait- GDP growth in '15 forecast to slowdown to 3.5 percent yr/yrArab Times
(MENAFN - Arab Times) Real economic growth in the UAE is forecast to slow down modestly in 2015 to around 3.5% year-on-year (y/y) in 2015, as real oil GDP growth continues to get stung by conditions ...

 Oct 4 2015 - Kuwait- NBK offers its customers valuable weekly prizesArab Times
(MENAFN - Arab Times) National Bank of Kuwait (NBK) offers its customers the chance to win valuable prizes weekly when using NBK electronic channels. In an exclusive campaign valid until 7 January ...

 Oct 4 2015 - KFH participates as primary dealer for sukuk issued by IILMArab Times
(MENAFN - Arab Times) Kuwait Finance House (KFH) participated as a primary dealer for short-term sukuk issued by the International Islamic Liquidity Management IILM worth $1.850 bln. KFH is ...

 Oct 4 2015 - Price of investment buildings in Kuwait drops, experts sayArab Times
(MENAFN - Arab Times) A number of real estate experts said here Saturday that there was a visible drop in the price of investment buildings in Kuwait due to a number of geopolitical factors and a ...

 Oct 4 2015 - Bahrain lifts meat subsidies as oil bitesArab Times
(MENAFN - Arab Times) Bahrain more than doubled the prices of beef and chicken removing meat subsidies in a politically sensitive move designed to save money as low oil prices slash the government's ...

 Oct 4 2015 - Shale producers emerge as market stabilizing elementArab Times
(MENAFN - Arab Times) Almost one year ago in November 2014, Saudi Arabia relinquished its role of swing producer and oil prices dropped by more than 50 percent. It now appears that the shale oil ...






Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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